LANSING (WKZO) -- Lower income taxes are on the way for many Michigan residents. Governor Rick Snyder signed bills into law Friday morning meant to reduce the income tax burden on Michigan residents.
One piece of legislation lowers the income tax rate from 4.35-percent to 4.25-percent, and it will go into effect on October 1st of this year, instead of January of next year. Another bill will increase the personal tax exemption, also on October 1st, up from 3,700-dollars to 3,950-dollars. It will increase slightly to four-thousand dollars in January of 2014.