WLNS.com reports that officials in the City of East Lansing are continuing to look into the possibility of instituting a citywide income tax. That means if you live or work in the city that you could be paying up to a reported one percent of your income.

Talks of the city putting an income tax in place were first reported last June. At that time, city officials said they were looking to stabilize the city's revenue stream due to unstable property values. Rising pension costs and retiree health care need a viable source of income, according to city leaders.

WLNS says that the city released a report from its Financial Health Review Team that says an income tax could generate $10.4 million annually for the city. See the WLNS story here for full details on the dollars and cents, and what it may mean for you.