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.

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