MI HB4016

Reduces Michigan individual income tax rate from 4.25% to 4.15% effective January 1, 2015, and to 4.05% effective January 1, 2016.

Maintains existing income tax rate of 4.25% for the period October 1, 2012 through December 31, 2014.

Applies tax rate changes to all persons other than corporations, including residents, nonresidents, partners, beneficiaries, estates, and trusts.

Preserves the existing requirement that a specified percentage of gross income tax collections be deposited into the state school aid fund created by the state constitution.

Requires the department to annualize rates as necessary for tax years ending after April 30, 1994.