LANSING, Mich. (AP) — Republican Gov. Rick Snyder's sweeping plan to cut business taxes, end or restrict tax exemptions for some retirement income and make other significant tax changes cleared a preliminary hurdle Wednesday with Michigan lawmakers.
The GOP-led House Tax Policy Committee approved major bills included in the plan on party-line votes, advancing them to the House floor. The House could vote on the proposal as early as Thursday.
Republican legislative leaders have not guaranteed the compromise plan will pass, although the GOP has majorities in both the House and Senate. There are lingering concerns about aspects of the proposal, including measures related to ending or restricting tax exemptions for some seniors.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
