The Small Business Association of Michigan applauds the Senate in the passage of Senate Bill 768.

This bill would, beginning January 1, 2022,

• Reduce the individual income tax rate from 4.25% to 3.9%
• Reduce the corporate income tax rate from 6% to 3.9%
• Allow a $500 nonrefundable credit for each qualified dependent

Also, beginning with the 2022 tax year, a person 67 years or older would be eligible for a deduction against all types of income of $30,000 for a single individual income tax return or $60,000 for a joint return, and adjusted for inflation for the tax year 2023 and beyond.

“With today’s passage, the Senate demonstrated their commitment to our citizens and small businesses across Michigan by providing substantial financial relief,” says Brian Calley, President, and CEO of the Small Business Association of Michigan. “We look forward to continuing our advocacy on this effort as it makes its way through the House and to the Governor’s desk.”

For questions on Senate Bill 768, please contact Alexa Kramer, SBAM’s Director of Government Operations.