Many of the changes mandated by a major
Free volunteer-based tax preparation is available from the IRS for those making less than $51,000 or who are over the age of 60.
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The package included an approximate increase of $1.4 billion in additional income taxes balancing out nearly $1.7 billion in business tax cuts. Major changes include the reduction or elimination of the Homestead Property Tax
credit and a significant increase in the taxation of private pension income.
Michigan’s base income tax rate for 2012 decreased from 4.35 percent to 4.33 percent as it makes its way down to 4.25 percent in 2013. However, due to loss of exemptions and credits, many taxpayers are expected to pay a higher bill to the state.
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