Michigan SB0151 proposes to reduce the individual income tax rate to 3.9% if certain revenue conditions are met.

Michigan SB0151 amends the individual income tax rate, proposing a reduction to 3.9% if the total general fund/general purpose revenue increases more than the inflation rate for the preceding fiscal year. The bill defines "inflation rate" as the annual percentage change in the Consumer Price Index. If the revenue conditions are met, the tax rate will be reduced by a fraction calculated based on the difference between the total general fund/general purpose revenue and the capped federal income tax return.

Michigan SB0151 proposes to reduce the individual income tax rate to 3.9% if certain revenue conditions are met.

Michigan SB0151 amends the individual income tax rate, proposing a reduction to 3.9% if the total general fund/general purpose revenue increases more than the inflation rate for the preceding fiscal year. The bill defines "inflation rate" as the annual percentage change in the Consumer Price Index. If the revenue conditions are met, the tax rate will be reduced by a fraction calculated based on the difference between the total general fund/general purpose revenue and the capped federal income tax return.