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Contact Information:
Edward S. Kisscorni, CPA
290 Suncrest Court, SW
Grandville, MI 49418

Office: 616/233-0667
Cell: 616/443-6730
Fax: 616/233-0667




Saturday, July 07 2012

Michigan Legislature Accelerates Individual Income Tax Rate Reduction

Individual Income Tax Personal Exemption Amount Increased


Public Act 223 of 2012, effective June 29, 2012, will accelerate a scheduled personal income tax rate reduction.  The rate will be reduced from 4.35% to 4.25% on October 1, 2012, instead of January 1, 2013.


Public Act 224 of 2012, effective June 29, 2012, will increase the Michigan personal income tax exemption amount to $3,950 from $3,700, beginning October 1, 2012.  The amount for the 2012 tax year will be annualized.  Beginning January 1, 2014, the exemption will be $4,000. The exemption will continue to be multiplied by the number of personal or dependency exemptions allowed on the taxpayer's federal income tax return.



Posted by: Ed Kisscorni AT 01:00 pm   |  Permalink   |  Email


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