LANSING, Mich. — State Sen. Aric Nesbitt on Thursday supported legislation to provide Michigan families, seniors and veterans with $2.5 billion in tax relief — a second major legislative effort to return part of the state’s record budget surplus back to taxpayers who are struggling against record gas prices and historic inflation.
“From gasoline to groceries, and household necessities to farming equipment, more and more Michiganders are finding it harder each day to combat the pressures of record inflation that has been exacerbated by the reckless policies and spending sprees of the Biden Administration,” said Nesbitt, R-Lawton. “The state’s treasury is growing larger while household budgets are getting tighter. Providing the people of Michigan with real and meaningful tax relief must remain a top priority for the Legislature in order to help them at home and improve our shared economy.”
The MI Family Inflation Relief Plan would help every Michigander by lowering the state’s income tax to 4% and increasing the personal income tax deduction by $1,800. It would also support Michigan families by creating a $500 tax credit for each child under the age of 19.
House Bill 4568 and Senate Bill 784 would also increase the tax exemption for Michigan seniors over 67 to $21,800 for individuals and $43,600 for couples and ensure Michigan’s fully disabled veterans and the spouses of those lost in combat receive a 100% property tax exemption.
The governor has already vetoed significant tax relief legislation this year. In March, she struck down Nesbitt’s bipartisan Senate Bill 768 to reduce the state’s personal income tax, create a $500 per child tax credit, and increase the tax deduction for all seniors.
“At the end of the day, this money belongs to the people, not the Legislature or the governor,” Nesbitt said. “I believe people spend their own money far more effectively than the government and that leaving more resources with families and small businesses, expanding freedom, and encouraging hard work and investment are the cornerstones of a healthy economy. This money can be better spent putting food on the table and clothing our kids than it can be growing the size of state government.”