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Michigan House committee approves state income tax cut

Feb. 19, 2014 at 2:31 PM   |   Comments

LANSING, Mich., Feb. 19 (UPI) -- Tax cuts for Michigan residents advanced Wednesday as a House committee approved a bill to cut state income taxes by 2016.

The final bill will likely look different from the approved bill, since the house, the state Senate and Gov. Rick Snyder all have differing ideas on how to provide tax relief, the Detroit Free Press noted Wednesday.

The Legislature is attempting to cut Michigan's 4.25 percent income tax, and Snyder, a Republican, seeks to restore the homestead property tax credit for homeowners earning less than $60,000, the newspaper said.

The House Tax Policy Committee passed bills Wednesday that would cut the state income tax to 4.05 percent by 2016, with further cuts possible if the state experiences a budget surplus.

Committee Democrats attempted to adopt amendments that would tie the tax cuts to the repeal of an income tax on pensions, imposed in 2011, as well as a reinstatement of child care and homestead tax credits. The amendments failed on party line votes.

Topics: Rick Snyder
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