|The Michigan Road Funding Plan|
· Produces $450 million in new revenue immediately in the next fiscal year, and would generate $1.2 billion each year when the plan is fully implemented in 2021.
·Beginning January 2017, Michigan’s 19 cents per gallon gas tax would rise to 26.3 cents per gallon. The rate would then adjust annually based on the rate of inflation.
·Beginning January 2017, the state’s 15 cents per gallon diesel tax would rise to 26.3 cents per gallon. The rate would then adjust annually based on the rate of inflation.
·The average vehicle registration increase would be $20 per year – less than $1 per week – starting January 2017.
·Reprioritizes General Fund tax dollars to dedicate toward infrastructure, starting with $150 million in FY 19 with incremental increases each year until $600 million is dedicated by FY 2021 and beyond.
·Increases the homestead property tax credits for homeowners and renters with household resources of up to $60,000 per year.
·Keeps more money in taxpayer hands with the income tax rollbacks beginning in 2023 – when the General Fund grows, Michigan tax payers see relief in the form of an income tax roll back.