MI HB5190

Establishes an automatic income tax rate reduction mechanism beginning in tax year 2023 if general fund revenue growth exceeds inflation, with the rate reduced by a calculated fraction based on excess revenue collections.

Requires the state treasurer, senate fiscal agency director, and house fiscal agency director to determine eligibility for tax rate reductions annually at the January revenue estimating conference, using inflation data and the comprehensive annual financial report.

Directs 3.5% of the average farmland tax credits claimed over the preceding 3 fiscal years (starting October 1, 2016) to be deposited into the agricultural preservation fund.

Allows taxpayers to electronically file farmland preservation tax credit claims with their annual returns beginning in the 2016 tax year, regardless of how many development rights agreements they have entered into.