MI SB1062

Removes obsolete income tax rate provisions from before October 1, 2012, eliminating outdated language concerning rates of 4.6%, 4.4%, 4.2%, 4.1%, 4.0%, 3.9%, and 4.35%.

Establishes the current individual income tax rate at 4.25% for tax years beginning on and after October 1, 2012.

Removes outdated provisions regarding the percentage of income tax revenues to be deposited in the state school aid fund that applied before January 1, 2000.

Clarifies that beginning January 1, 2000, the percentage of gross collections deposited to the school aid fund equals 1.012% divided by the current income tax rate.

Cleans up technical language and removes anachronistic rate transition provisions while maintaining the current 4.25% tax rate structure.