The Michigan House has overwhelmingly approved tax cuts that would go further than addressing an unintended consequence of the federal tax overhaul.
Bills approved Thursday with bipartisan support would gradually raise Michigan’s personal tax exemption to $4,800 and create a $100 tax credit for residents age 62 and older.
Republican Gov. Rick Snyder favors keeping intact and slightly boosting the personal exemption to $4,500, but warns larger tax cuts would jeopardize his plan to boost road spending.
Republican Rep. Jim Tedder, a sponsor of one bill, says the economy and budget are in good shape, and it’s a “perfect time to deliver real tax relief.”
The Senate recently passed its own tax cuts. It remains to be seen if Snyder and Republicans who control the Legislature can cut a deal. Source LINK