Michigan HB5519 proposes a rollback of the individual income tax rate to 3.9%.

Michigan HB5519 amends the state school aid act to adjust the individual income tax rates. It sets the tax rate at 4.35% from October 1, 2007, to October 1, 2012, then reduces it to 4.25% from October 1, 2012, to January 1, 2023. The bill further reduces the rate to 4.05% from January 1, 2024, to January 1, 2026, and finally to 3.9% from January 1, 2026, onward. The bill also outlines specific distributions of tax revenue to various funds, including the state school aid fund and the agricultural preservation fund.

Michigan HB5519 proposes a rollback of the individual income tax rate to 3.9%.

Michigan HB5519 amends the state school aid act to adjust the individual income tax rates. It sets the tax rate at 4.35% from October 1, 2007, to October 1, 2012, then reduces it to 4.25% from October 1, 2012, to January 1, 2023. The bill further reduces the rate to 4.05% from January 1, 2024, to January 1, 2026, and finally to 3.9% from January 1, 2026, onward. The bill also outlines specific distributions of tax revenue to various funds, including the state school aid fund and the agricultural preservation fund.