MI HB4849

Reduces Michigan personal income tax rate from 4.25% to 3.9% effective for tax years beginning January 1, 2016.

Maintains the 4.25% tax rate for the period October 1, 2012 through December 31, 2015.

Requires the Department to annualize tax rates for tax years ending after April 30, 1994 that span multiple rate periods.

Continues depositing a percentage of income tax net revenues into the state school aid fund based on formulas established since 1994.

Applies the income tax rate to residents, nonresidents, individuals, partners in partnerships, beneficiaries of trusts and estates, and trusts and estates themselves.