Michigan Gov. Gretchen Whitmer signed an $81 billion budget bill Tuesday that splits from five federal tax code changes enacted by the GOP’s new federal tax law intended to help businesses lower their taxes.
The state is moving forward with two key components of the law President Donald Trump signed July 4: allowing individuals to deduct overtime compensation and tipped income. Over the next three fiscal years, the state expects to lose about $352 million from the new overtime rules and about $147 million from tip deductions, according to a legislative analysis from the state.
But state lawmakers decoupled from ...
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