LANSING, Mich. — State Sen. Aric Nesbitt, R- Lawton, on Thursday issued the following statement after a historic $2.5 billion tax relief bill he introduced last year received approval by both legislative chambers:
“At the end of the day, this money belongs to the people of Michigan — the workers, families and seniors who are struggling to make ends meet against the pressures of record inflation brought on by reckless policies and spending sprees of the Biden Administration.
“My top priority with this legislation was to reduce the burden on Michigan’s taxpayers — in real and meaningful ways for all people across our state — in order to help them at home and help improve our shared economy. Lowering the income tax and providing a child tax credit will save an average family of four around $1,200 each year. This money can be better spent putting food on the table and clothing our kids than it can be growing the size of our state government.”
Senate Bill 768 would help Michigan families by reducing the state’s income tax from 4.25% to 3.9% and creating a $500 tax credit for each child under the age of 19. It would also increase the tax exemption for seniors up to $40,000 for individuals and $80,000 for couples and lower the age threshold from 67 to 62. It will now be presented to the governor to be signed into law.