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MI HB5688

Bill

Official Source

Status

Introduced

1/25/2022

Primary Sponsor

Pamela Hornberger

Click for details

Origin

House of Representatives

101st Legislature

AI Summary

  • Reduces Michigan individual income tax rate from 4.25% to 4.15% effective January 1, 2023
  • Establishes automatic tax rate reduction mechanism for tax years beginning January 1, 2023 and thereafter if general fund revenue growth exceeds inflation rate
  • Automatic reduction amount determined by multiplying current rate by fraction comparing excess revenue growth to total income tax collections
  • Rate adjustment determination made by state treasurer, senate fiscal agency director, and house fiscal agency director by January revenue estimating conference each year
  • Expands definition of "person other than a corporation" to include "member of a flow-through entity" rather than limiting to partners in partnerships

Legislative Description

Individual income tax: rate; Individual income tax; rate; rate reduction; provide for. Amends sec. 51 of 1967 PA 281 (MCL 206.51).

Individual income tax: rate

Last Action

Bill Electronically Reproduced 01/25/2022

1/26/2022

Committee Referrals

Tax Policy1/25/2022

Full Bill Text

No bill text available