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.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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