LANSING, Mich. — Senate Finance Committee Chair Jim Runestad, R-White Lake, issued the following statement after listening to Gov. Gretchen Whitmer’s 2022 State of the State address virtually Wednesday evening:
“Tonight, the governor conveyed her readiness to work with lawmakers in order to reduce tax burdens on Michigan residents. This cooperation is good news considering Michigan residents are facing historic levels of inflation.
“The Senate Finance Committee has already begun the process to help Michigan’s citizens, including a child tax credit proposal for working families — Senate Bill 378, which is now before the House. And earlier today, the Senate Finance Committee approved Senate Bill 768 to lower the state’s personal and corporate income tax rates to 3.9% from 4.25% and 6%, respectively, and to provide families with a $500 per child tax credit — moving the bill to the Senate floor.
“Additionally my legislation, Senate Bill 467, which would reduce tax rates for working and retired seniors, was recently approved by the Senate Finance Committee and awaits approval by the full Senate.
“Although the governor is running late to the tax-cutting party, I look forward to negotiations with Gov. Whitmer as we work to provide Michigan’s seniors and working families desperately needed tax relief.”