LANSING, Mich. — Sen. Roger Victory on Tuesday voted for a $2.5 billion tax cut plan to reduce personal and business income tax rates, provide families with a $500 per child tax credit, and protect more retirement income for Michigan’s seniors.
“Michigan families and small businesses are the heart and soul of our communities and our economy, but they continue to face significant challenges — from COVID-19 to inflation,” said Victory, R-Hudsonville. “This plan would provide substantial tax relief to hardworking families, seniors on fixed incomes, and local job providers trying to succeed during tough times.
“Our state government is overflowing with record federal dollars and state tax revenues, and providing important relief to the good people of our state should be the first step in putting our historic resources to positive use to improve 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%.
After passing the Senate, the bill now heads to the House of Representatives for consideration.