The Michigan House of Representatives voted to pass Senate Bill 768, legislation that would bring a variety of tax benefits to Michiganders through the increase of income tax deductions for filers over age 67, the reduction of the individual income tax rate and the allowance of a $500 child tax credit.
State Rep. Sara Cambensy (D-Marquette) issued the following statement in support of the bill’s passage:
“SB 768 has several good and bad aspects to it, and legislators agree that it is a starting point for negotiations between the House, Senate and governor on some of the most important issues our constituents want us to focus on. This bill still requires many amendments before it becomes law, most notably the removal of the personal income tax reduction from 4.25% to 3.9%. Knowing that lowering the personal income tax isn’t supported by the governor, we can work with her to replace that section of the bill with either a graduated income tax or an earned income tax credit that gives relief to our most vulnerable individuals and families.
“In order to keep the most important tax cuts for our residents in these bills on the table, legislators must continue to have discussions and work together with the governor in hopes of reaching consensus. No Democratic or Republican legislator will jeopardize our ARPA funding or leave a massive hole in our state or local budgets. I’m confident that we can work with the governor to get these bills done right.”
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