Blog tagged as Taxation

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 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.

Michigan's income tax rate may automatically drop from 4.25% to 4.05% this year if final year-end revenues come in as projected, based on information discussed Friday by state economists.

(Source: MIRS.news, Published 12/09/2022) Of 12 potential issues that could be brought before the Legislature this coming term, repealing the tax on retirement savings received the support of 75% of those asked. Only 10% opposed it.