LANSING, Mich. — Sen. Aric Nesbitt on Thursday introduced legislation to lower state tax rates and encourage economic growth across Michigan.
“The people of Michigan have weathered substantial economic hardship in the wake of the coronavirus pandemic and now face historic inflation and high energy costs; the time has come to support them with historic tax relief and position our state for an epic economic recovery,” said Nesbitt, R-Lawton.
Senate Bill 768 would lower the state’s personal and corporate income tax rates to 3.9% from 4.25% and 6%, respectively, and provide families with a $500 per child tax credit.
“The state continues to experience more revenue than estimates project each year. Considering the Legislature’s responsible budgeting and ongoing efforts to wisely invest federal dollars into the state’s infrastructure and future, the time is right to make these tax cuts for Michigan residents and businesses,” Nesbitt said.
“Reducing these tax burdens will supercharge our economic bounce back, help families, and attract more investment and job providers to Michigan, where the business tax rate will be among the lowest in the Midwest. Families and businesses are able to spend their hard-earned dollars far better than government.”
SB 768 has been referred to the Senate Finance Committee for consideration.