Michigan HB6225 rolls back the individual income tax rate to 3.9% and eliminates the rollback trigger.

Michigan HB6225 amends the individual income tax rate, rolling it back to 3.9% and eliminating the rollback trigger. The bill specifies tax rates for different periods, with the final rate of 3.9% effective after January 1, 2028. It also outlines revenue allocations to various funds, including the state school aid fund and the renew Michigan fund. The bill mandates that the taxable income of residents and nonresidents be computed similarly, subject to certain provisions.

Michigan HB6225 rolls back the individual income tax rate to 3.9% and eliminates the rollback trigger.

Michigan HB6225 amends the individual income tax rate, rolling it back to 3.9% and eliminating the rollback trigger. The bill specifies tax rates for different periods, with the final rate of 3.9% effective after January 1, 2028. It also outlines revenue allocations to various funds, including the state school aid fund and the renew Michigan fund. The bill mandates that the taxable income of residents and nonresidents be computed similarly, subject to certain provisions.