MI HB4200

Amends the Michigan Income Tax Act of 1967 to modify individual income tax rates for tax years beginning on and after October 1, 2012.

Reduces the income tax rate from 4.25% (October 1, 2012 to September 30, 2015) to 4.15% (October 1, 2015 to September 30, 2016) and further to 4.0% on and after October 1, 2016.

Maintains existing provisions for depositing a percentage of net revenues collected from income tax into the state school aid fund based on formulas established for different time periods.

Applies the tax to residents and nonresidents, individuals, partners in partnerships, beneficiaries of estates and trusts, and estates and trusts as defined in the internal revenue code.

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