Representative Rodney Wakeman (R-Saginaw Twp.) introduced legislation reducing the state’s income tax rate incrementally until it’s eliminated. Under the proposal, the current rate of 4.25% would be reduced to 3.9% in 2021 and would phase out an additional 0.1% each year beginning in 2022 until eliminated.
In 2007, then-Governor Jennifer Granholm and the legislature agreed to temporarily increase the state income tax rate from 3.9% to 4.35%. The rate was later reduced to 4.25% in 2012.
The bill has been referred to the House Tax Policy Committee for consideration.
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