MI HB5519

Establishes an income tax rate of 4.25% for tax years beginning October 1, 2012 through December 31, 2017 (previously allowed to expire after 2012).

Beginning January 1, 2018, reduces the maximum income tax rate by 0.1% each year until the rate reaches zero.

Removes a provision that would have automatically adjusted the income tax rate based on state revenue growth exceeding inflation beginning in 2023.

Maintains the existing requirement that 1.012% of gross income tax collections be deposited into the state school aid fund.