Rep Howrylaks Advancing Michigans Future plan would help state taxpayers in wake

first_img Categories: Howrylak News,News 13Apr Rep. Howrylak’s ‘Advancing Michigan’s Future’ plan would help state taxpayers in wake of federal changes State Rep. Martin Howrylak this week introduced a plan to offset new limitations on deducting state and local taxes from individual taxpayers’ federal tax bills.Howrylak’s proposal is sparked by changes to the federal tax code made late last year.The new federal code caps the amount of state and local taxes that can be deducted from federal taxable income at $10,000 annually. Howrylak’s plan would allow individual taxpayers in Michigan to donate money to the state, then claim up to the same amount as a state-level income tax credit.“This plan does not hurt state tax revenue in any way,” said Howrylak, of Troy. “It simply provides a way to help Michigan taxpayers structure their payments without harming the funding critical to our important public services.”Howrylak’s legislation would create the “Advancing Michigan’s Future” fund. Taxpayers could donate to the fund, with the money going to support public safety, roads and other services financed through Michigan’s main budget account.Taxpayers who donate to the fund could claim a tax credit of up to an equal amount on their state income taxes. Taxpayers could donate more to the state if they wish, or if a taxpayer does not claim the full credit in one tax year, the remaining credit amount could be carried over for up to five years.The legislation – House Bill 5804 – was referred to the House Tax Policy Committee.###last_img

Leave a comment

Your email address will not be published. Required fields are marked *