Posted at: 01/04/2014 9:35 AM
Photo: AP Photo/Al Goldis, file
LANSING, Mich. (AP) — Anticipating a sizable budget surplus, Republican lawmakers want to enact a broad-based tax cut for residents this election year — most likely a reduction in Michigan's income tax.
Talks continue and no deal is imminent. But the top tax writer in the Republican-led Senate says he'll propose cutting the personal income tax rate from 4.25 percent to 3.9 percent over four years. House Republicans also hope to pass an income tax reduction.
The push for lower taxes comes a month before Gov. Rick Snyder unveils his proposed budget and after Michigan has collected hundreds of millions of dollars more than expected. Legislators return to session Wednesday and on Friday will get a consensus estimate on revenues.
Snyder at this point is noncommittal on a tax cut.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)