LANSING — Taxpayers across the state will see benefits of a reduced income tax rate three months earlier than expected under legislation approved by the Michigan Senate Thursday, said supporter Sen. Joe Hune.
“Hard-working residents across the state deserve tax relief,” said Hune, R-Hamburg Township. “Speeding up the timetable on the income tax rollback will allow Michigan taxpayers to keep more of their hard-earned money.”
House Bill 5699 accelerates the scheduled income tax rollback by three months – beginning Oct. 1 instead of Jan. 1, 2013.
If the bill is signed into law, the rate would decrease from the current tax rate of 4.35 percent to 4.25 percent.
“I wholeheartedly support reducing taxes on Michigan residents,” Hune said. “This critical piece of legislation will provide broad-based tax relief to families and individuals across the state. I look forward to seeing this bill become law.”
HB 5699 will now go to the governor for his signature.