State Rep. Jim Runestad today voted to approve a package of bills aimed at providing substantial income tax relief for families and seniors.
The bills continue and increase personal exemptions for Michigan taxpayers and their dependents on their income taxes.
Runestad, of White Lake, voted for the three-bill package that will enable people to keep more of their hard-earned money.
“The federal tax reforms signed into law provide much-needed tax relieve, but Michigan residents rely on personal exemptions to help provide for their families,” Runestad said. “The legislation we approved today ensures these important exemptions will continue, and goes even further to put more money in the pockets of hardworking Michigan taxpayers.”
The legislation, House Bills 5420-5422, will:
- Ensure Michigan taxpayers can continue claiming personal exemptions on income taxes after federal tax reforms signed into law last month, and increase the state personal exemption from the current $4,000 to $4,300 for the 2018 tax year, with gradual increases reaching $4,800 for 2020;
- Certify taxpayers in Michigan cities with an income tax will continue to be able to claim exemptions; and
House Bills 5420-5422 now go to the Senate for consideration.