The Michigan Legislature was quite productive in moving key pieces of tax legislation - all either initiated or supported by the Michigan Chamber - in the final weeks of session leading up to summer recess.
Of particular note to all Michigan taxpayers, and to Chamber members who pay their business tax through the Individual Income Tax, House Republicans - under the Leadership of Speaker Jase Bolger - pushed for an accelerated income tax rate reduction and an increase in the personal exemption allowance. Senate Republicans and the Gov. Snyder agreed with this tax cut. Legislation is now before the governor for his signature.
Michigan's individual income tax rate will now drop to 4.25% on October 1, 2012 and the personal exemption will jump to $3,950 on October 1, 2012 and $4,000 on Jan 1, 2014.
A number of key tax bills - advocated for by the Michigan Chamber - experienced significant movement or are now awaiting the Governor's signature.
For questions about any of the tax legislation, please contact Tricia Kinley at (517) 371-7669.