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Taxpayers will have an incentive to file their 1995 state tax returns early: They can expect a refund about $25 bigger than normal, Gov. John Engler said Tuesday.
The state’s booming economy has boosted state tax revenues more than expected, and a constitutional amendment requires that taxpayers get some of the money back.
They’ll get it by paying 2 percent less of their state tax bill — or getting back 2 percent more — than they would otherwise, Engler said. For a family of four earning $40,000, the refund is about $26. For a family with an income of $60,000, the cut is $45.
State Treasurer Doug Roberts said the state had no choice in refunding the money, and might have had to give even more back if it didn’t provide the refund this soon.
