Blog categorized as Economy

Starting in the 2023 tax year, tax-free public pensions will be reinstated and tax exemptions will be available for employer donations and matches for 401(k)s under legislation that passed in the Senate 23-15 Thursday.

The Senate and House both approved legislation Thursday retroactively increasing Michigan's Earned Income Tax Credit (EITC) to 30% of the federal credit, aiming to provide an employment tax incentive and assistance to nearly 740,000 low income workers.

(Source: MIRS.news, Published 01/24/2023) The small details of electric vehicle implementation, down to where a charger is placed in a city, could have a large impact on Michigan’s economic development, said John Lamacchia, Michigan Municipal League (MML) director of state and federal affairs.

(Source: MIRS.news, Published 1/18/23) Michigan could allow the income tax to drop to 4.05%, expand the Earned Income Tax Credit (EITC) back to 20% and exempt more retirement earnings from the income tax and still be on solid economic footing for years down the road.

(Source: MIRS.news, Published 1/17/23) A new report stated Michigan roads could suffer a funding chasm if something isn't done to replace the federal and state gas tax as more electric vehicles come online.