LANSING, Mich. — Sen. Mark E. Huizenga on Tuesday voted for legislation to cut taxes by $2.5 billion on Michigan families, seniors and small businesses.
“This commonsense plan provides important tax relief to families, workers, seniors and small businesses owners throughout our state who are struggling with increasing costs and the highest inflation in four decades,” said Huizenga, R-Walker. “Our state government gets its revenue as a result of the hard work of our residents, and when that hard work results in huge surpluses, we owe it to them to return some of the fruits of their labor. We can provide this relief and still invest in improving our state.”
Senate Bill 768 would reduce the state’s personal income tax from 4.25% to 3.9%, create a $500 per child tax credit, increase the tax exemption on all retirement income to $30,000 for individuals and $60,000 for couples, and reduce corporate income tax rates from 6% to 3.9%.
“We owe it to the people we serve to ensure the growth in revenue and federal assistance we have received does not lead to a structural increase in the size of government nor a structural increase in programing that would lead to unstainable budgetary pressures,” Huizenga said. “We are facing historical windfalls, and it is my goal to ensure those funds are appropriated in a sustainable way while ensuring we have a stable budgetary climate for future generations.”
After passing the Senate, the bill now heads to the House of Representatives for consideration.