LANSING, Mich. — The Senate on Thursday approved $2.5 billion in relief for Michigan residents, providing help for individuals, families, seniors and military veterans struggling under the Biden economy.
“Every senior, family and individual in Macomb County – all of us – are grappling with the burdensome effects of record-high inflation,” said Sen. Doug Wozniak, R-Shelby Township. “At a time when state government is collecting record revenue, the right thing to do is give the people their money back. The plan we approved Thursday does just that; not in the form of a one-time rebate, but impactful savings Macomb residents will enjoy year after year. It is my sincere hope that the governor will join us in giving folks real meaningful relief by signing the plan without delay.”
Under the MI Family Inflation Relief plan, a typical family of four would see approximately $1,300 in combined savings annually. The plan includes:
- A $500 per child tax credit for those under 19.
- Increasing the personal income tax deduction by $1,800.
- Raising the personal exemption for seniors 67 and older to $21,800 for individuals and $43,600 for couples and tying subsequent increases to the rate of inflation.
- Lowering the state income tax to 4%.
- Restoring the Earned Income Tax Credit to 20%.
- Ensuring 100% disabled military veterans and the spouses of those killed in action receive a 100% property tax exemption and setting a $2,000 cap for veterans more than 50% disabled but less than 100% disabled, while holding local governments harmless.