LANSING, Mich. — Sen. John Bizon, M.D. on Thursday voted to send the Legislature’s historic $2.5 billion tax cut plan that would provide families with a $500 per child tax credit and protect more retirement income for Michigan’s seniors beginning at age 62 to the governor for her signature.
“This tax relief will directly benefit Michigan’s workers, families and seniors who have found their household budgets squeezed by the record inflation being experienced across our nation,” said Bizon, R-Battle Creek, who co-sponsored the bill and serves as a member of the Senate Appropriations Committee.
“I have been advocating for tax cut proposals for over seven years and this is the third time I have voted to roll back the individual income tax to 3.9%. I feel strongly that the surplus tax revenue that has amassed in Michigan’s General Fund should be responsibly returned to taxpayers.”
Senate Bill 768 would help 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 deduction 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.