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MI HB5699

Bill

Official Source

Status

Passed

7/18/2012

Primary Sponsor

Ed McBroom

Click for details

Origin

House of Representatives

96th Legislature

AI Summary

  • Reduces Michigan's personal income tax rate from 4.35% to 4.25% effective October 1, 2012
  • Applies to taxable income of individuals, partners, estate beneficiaries, and trusts, but not corporations
  • Maintains requirement to deposit a percentage of gross collections into the state school aid fund equal to 1.012% divided by the income tax rate
  • Takes immediate effect upon Governor's approval on June 27, 2012, with official filing on June 29, 2012

Legislative Description

Income tax; rate; rate reduction; begin on October 1, 2012. Amends sec. 51 of 1967 PA 281 (MCL 206.51).

Income tax, rate

Last Action

Assigned Pa 223'12 With Immediate Effect

7/18/2012

Committee Referrals

Finance6/7/2012
Tax Policy5/29/2012

Full Bill Text

No bill text available