MI HB4001

Reduces the individual income tax rate from 4.25% to 3.9% effective January 1, 2018.

Beginning January 1, 2019 and each subsequent January 1, reduces the maximum tax rate by 0.1 percentage point annually until the rate reaches zero.

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

Maintains existing provisions directing a portion of income tax revenue to the state school aid fund and agricultural preservation fund.