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Tax exemptions for retirement income at risk in MI

A 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.

By TIM MARTIN, Associated Press | Updated on April 28, 2011
Thousands of protesters rally at the Michigan Capitol April 13, 2011 against Gov. Rick Snyder's policies, including proposals to tax some retirement income while eliminating business taxes for thousands of companies. (AP Photo/Al Goldis)

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.

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