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Senate finalizes historic tax relief plan co-sponsored by Sen. Wozniak

LANSING, Mich.Sen. Doug Wozniak and his Republican colleagues voted on Thursday to finalize legislation that would reduce Michigan’s personal income tax rate from 4.25% to 3.9%, saving taxpayers an estimated $2.5 billion per year.

Senate Bill 768 would also expand the income tax deduction for, both, working and retired seniors from a maximum of $20,000 up to $40,000 for individuals, and from a maximum of $40,000 up to $80,000 for couples and lowering the age of eligibility from 67 to 62 years of age.

The bill also creates a $500 per child tax credit for families with children 19 years and younger.

“This is a historic effort to help Michigan residents keep more of what they have earned,” said Wozniak, R-Shelby Township. “We don’t need more government; Michiganders need more money for everyday essentials and this bill provides all taxpayers with much-needed relief.”

SB 768 now goes to the governor for consideration.