HEADLINES : Michigan
Snyder, Legislative leaders agree to income tax cut, more education funding
Lansing- Michiganians can expect individual tax relief this year as part of an agreement on the state budget hammered out late Wednesday that also includes more money for education, roads and film tax credits.
The state will use $90 million in one-time money to reduce personal income taxes by one-tenth of a percent through either a reduction in the rate, a personal exemption or a combination of both, according to Gov. Rick Snyder's office. He and Republican legislative leaders have still to work out the details.
Workers may start seeing a small decrease in their payroll deductions as early as this summer - earlier than planned - under the deal, which has to be approved by the state House and Senate and signed into law by the governor.
Another $180 million will be added to the schools budget, including $106 million to pre-fund the school employees retirement system with the remainder going to K-12 classrooms.