Livonia, Mich. – April 17, 2018 – As Michigan residents pay their taxes for another year, the Citizens Research Council of Michigan has released its annual update of the Outline of the Michigan Tax System. The outline is an explanation of the various taxes on individuals and businesses authorized to state and local governments in Michigan, as well as an analysis of tax policy changes in the past year.
This year, the report notes, law changes were few, but those that passed will have a large impact on what residents and corporations pay. These include a restoration of some targeted business tax credits at the state level, and a restoration of the personal exemption following its elimination at the federal level by passage of the Tax Cuts and Jobs Act in late 2017.
Note that the Michigan Department of Treasury has not released the 2016-17 Annual Report of the Michigan State Treasurer, which documents the revenue for nearly all state taxes identified in this report. Consequently, collections for Fiscal Year 2017 are last year’s totals. As soon as the Department of Treasury releases its report, ours will be updated with the most recent figures.
Download the full report at crcmich.org.