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Many of the changes mandated by a major 2011 tax reform package
signed into law by Gov. Rick Snyder
will begin affecting Michigan taxpayers
on their 2012 returns, according to an MLive
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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.
Click here to read the full story from MLive.com.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at email@example.com. Follow him on twitter @BFreedinA2