In In The News

A boom in state revenues is likely to trigger a reduction in the state income tax rate for the 2023 tax year, from 4.25% to 4.05%, the House Fiscal Agency said in a report released Thursday.

The income tax reduction, which, if enacted, would cost the state general fund something in the range of $660 million per year, would be triggered by a 2015 law designed to reduce the income tax rate when state general fund revenues exceed certain levels.

The report said that House fiscal experts can’t make the call with certainty until final numbers are in for the 2022 fiscal year.

Read more at the Detroit Free Press.