Mich. Senate Committee OKs Income Tax Cut

Law360, New York (January 30, 2014, 5:26 PM EST) -- A Senate committee in the Michigan Legislature on Thursday voted to support a measure to reduce the state’s income tax from 4.25 percent to 3.9 percent over three years, sending the bill to the full state Senate.

Lowering the tax from its current rate, which has been set since October 2012, would reduce the state’s revenue by $143.6 million in its first year of being effective. By 2018, the first year in which the tax rate would level off, the bill would reduce revenue by as...
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