67
      Friday
      81 / 64
      Saturday
      86 / 67
      Sunday
      88 / 68

      Michigan House panel approves income tax cut

      <p>A committee in the Michigan Legislature has voted to cut the state income tax rate from 4.25 percent to 4.05 percent by 2016.</p>

      A committee in the Michigan Legislature has voted to cut the state income tax rate from 4.25 percent to 4.05 percent by 2016.

      Bills approved 12-2 Wednesday by the House Tax Policy Committee would lower the income tax another tenth of a percentage point in future years if tax revenue increases by a minimum amount.

      Republicans rejected various Democratic amendments to tie the tax cut to their proposals to reinstate tax credits and exemptions that the GOP eliminated or reduced in 2011 as part of a business tax reduction.

      There are now four separate tax-relief proposals pending on the House or Senate floors but no broad deal. Gov. Rick Snyder has proposed partially restoring a tax break for homeowners and renters that he helped scale back in 2011.