(MPRN-Lansing) Governor Rick Snyder has proposed a plan to offset higher costs that could be forced on Michigan taxpayers as a result of the federal tax overhaul. The biggest issue is the elimination of the federal personal exemption.
Michigan tax forms allow taxpayers to claim the same number of personal exemptions they claim on federal forms. But that federal exemption was eliminated as part of the tax overhaul adopted by Congress and signed by President Trump.
That’s expected to cost a typical Michigan family of four about 680 dollars on their 2018 Michigan taxes. Nick Khouri is the state Treasurer.
“What we’re proposing is the simple, fair way to respond to the unintended consequences of federal tax reform.”
But some Republicans have other ideas on how to deal with the issue, including rolling back the state income tax rate.