State Rep. Joseph Fox today announced tax relief is likely on the way for our state.
A large increase in revenue coming into the state is expected to trigger a rollback of the income tax rate starting with the 2023 tax year, thanks to a law put in place by House and Senate Republicans in 2015.
“This is crucial for the hard-working folks of Northwest Michigan, who I know struggle to make ends meet due to the ever-increasing price of essentials, as well as the historic rates of inflation,” said Fox, of Fremont. “This impending income tax cut will help families keep more money in their own pockets, allowing them to purchase groceries, gas, and other essentials.”
Under a provision of Michigan law passed by the Republican Legislature and governor in 2015, the individual income tax rate automatically decreases if year-over-year state general fund revenues increase at a greater rate than inflation. Such a tax cut will likely be triggered later this year, according to estimates from state financial officers, lowering the rate from 4.25% to 4.05%.
NO on House Bill 4020 – This bill would repeal Michigan’s 3rd grade reading law, which holds back 3rd graders who are not reading at a 3rd-grade proficiency to give them special intervention and remediation so that they could catch up with their peers.
State Rep. Joseph Fox, R-Fremont, today issued the following statement celebrating expected tax relief for Michiganders after the Legislature advanced tax legislation without blocking an automatic income tax cut or raising taxes:
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