Governor Rick Snyder's administration has released new details about a plan to prevent an income tax hike on families.
The tax overhaul President Donald Trump signed last month eliminates the personal exemption on your federal tax return. That means you'll also lose a state exemption under current law which could cost a family of four $600 a year.
Governor Snyder and Lieutenant Governor Brian Calley want to fix it by giving taxpayers a $4,000 exemption on their state return. Lt. Governor Calley said, "At least early on, there seems to be a lot of understanding and support for restoration of these exemptions. This particular issue is one I see consensus building around."
The plan would have to be approved by the legislature before taking effect.
