To cut the state income tax rate from 4.25% to 4.0%; authorize a $500 nonrefundable child tax credit; increase the amount the state adds on to a federal earned income tax credit for low-income households that owe no taxes, from 6% to 20% of the federal amount; increase the income tax exemption for individuals age 67 and above from $20,000 to $21,800; authorize tax credits for disabled veterans, and more. The Senate Fiscal Agency estimates the bill would save taxpayers around $2.5 billion annually.
To change a law that prohibits a person younger than age 18 from selling or serving alcoholic drinks. The bill would lower the minimum age to 17.
To revise the state income tax law to authorize a $500 per household "inflation relief payment" plus an extra $100 per dependent, which would be given to households that filed a state income tax return for 2021. This is part of the $2.5 billion Republican income tax cut proposal represented by the "S-1" version of this bill passed by the state Senate on the same day, described above, which the House is expected to approve with some amendments.
To require the Michigan Public Services Commission to do a feasibility study on expanding nuclear power generation in the state.