UPDATE: Snyder, GOP Leaders Sign Target Agreement for Budget

By: Liam Martin Email
By: Liam Martin Email

LANSING -- Gov. Snyder and the GOP leaders of the House and Senate have reached a target agreement on the state's 2012-2013 budget.

The deal will reduce taxes and pre-fund the state's obligations to the school employees' pension system.

Here are the details:

-$180 million to invest in the retirement system for public schools. The state's unfunded liabilities stand at about $45 billion.

-A total of $90 million in one-time tax relief, that will come in the form of either a reduced income tax rate, an increase in the current $3,700 personal exemption, or both.

-A total of $110 million for a shift in transportation funding to better support the state's crumbling roads.

-$10 million for the state's Rainy Day Fund.

-An extra $20 million in local revenue sharing from the original recommendation.

-$25 million in one-time funding for the state's film industry.

-$60 million to support home heating assistance.

Democrats have already jumped on the tax cut as political, noting an average family making $50,000 would only save $35 a year in taxes.

The agreement now goes to the appropriations committees of each chamber to be hammered out.

Stay with News 10 and WILX.com for updates on this story.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Wow on May 25, 2012 at 03:45 AM
    This headline should read:
    UPDATE: Snyder tries to get his republican cronies re-elected in payback for all his dirty deeds they supported the past 2 years.
    Remember voters. The only paycheck the republicans are worried about are their OWN!
  • by Oh my on May 24, 2012 at 11:46 AM
    Film industry! Really. That money should be spent on education. How silly
  • by Wow on May 24, 2012 at 11:44 AM
    Like I believe anything that comes out of Lansing. Liars and cheats everyone!
  • by ray ray Location: lansin on May 24, 2012 at 03:43 AM
    why don't the teachers have a 401k like the rest of the state? EXCEPT THE STATE POLICE OF COURSE.
  • by Anonymous on May 23, 2012 at 02:25 PM
    It is about time to start funding these underfunded programs that the unions wanted.
WILX 500 American Road Lansing, MI 48911 517-393-0110
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 153241955 - wilx.com/a?a=153241955
Gray Television, Inc.