MI HB6025

Amends Michigan Income Tax Act of 1967 to modify personal income tax rates and adjustments to taxable income calculations.

Reduces personal income tax rate from 4.35% to 3.9% by October 1, 2015, with annual 0.1% reductions beginning October 1, 2011 until reaching 3.95%.

Expands earned income tax credit (EITC) eligibility under federal tax code section 32, allowing taxpayers to claim 10% of federal EITC for tax years 2008-2009 and 20% for tax years beginning after December 31, 2008.

Allows excess EITC credits to be refunded to taxpayers without interest if the credit exceeds tax liability.

Makes technical corrections to section 30 regarding taxable income deductions and adjustments, including provisions for education savings accounts, charitable distributions from retirement plans, and Holocaust victim asset settlements.