Archive for May, 2011

02
May
11

homestead property tax credit – more or less

Less for some, more for others !

…set a household income cap of $50,000 for claiming the credit, down from $82,650 currently and $70,000 under the original plan Gov. Rick Snyder presented Feb. 17…

Those with household incomes of $20,000 or less will be eligible for 100 percent tax credits, compared with 60 percent currently and 80 percent under Snyder’s February proposal, which was revenue-neutral.

“What we’re trying to do is beef up the support to moderate- and low-income families,” said Lt. Gov. Brian Calley, Snyder’s point man on tax issues.

Dave Maluchnik, a spokesman for the Michigan Catholic Conference, which advocates for the poor, called the shift “a step in the right direction.”

more from this story

Additional related links:

http://www.taxfoundation.org/news/show/27104.html

02
May
11

Budget deal – MI personal income taxes

The new proposal would exempt those aged 67 and older from the pension tax, Snyder said. For people 60 to 66 years old, the first $20,000 would be exempt for an individual and the first $40,000 for a couple. Pensions would be taxed at the full rate for retirees aged 59 and younger.

But once any Michigan resident turns 67, income exemptions of $20,000 for individuals and $40,000 for couples would apply, Snyder said.

…….

The revised budget plan also makes further cuts to the Homestead Property Tax Credit, though the credit would be strengthened for those with incomes of $20,000 or less. …….. more




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