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MI HB5399

Bill

Official Source

Status

Introduced

1/17/2024

Primary Sponsor

David Martin

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Reduces Michigan's personal income tax rate from 4.25% to 4.05% effective January 1, 2023, and further to 3.9% effective January 1, 2024
  • Eliminates the previous automatic tax rate reduction mechanism that was triggered when general fund revenue growth exceeded the inflation rate
  • Maintains existing requirements for depositing specified percentages of income tax collections into the state school aid fund, with rates increasing from 1.015% (October 1, 2023) to 1.040% (October 1, 2026)
  • Preserves distributions of $69 million annually from income tax revenue to the Renew Michigan fund and allocations for agricultural preservation programs
  • Makes technical changes including replacing "shall" with "must" throughout the statute and removing definitions for "Consumer Price Index" and "inflation rate" that are no longer needed

Legislative Description

Individual income tax: rate; rollback rate to 3.9%; provide for. Amends sec. 51 of 1967 PA 281 (MCL 206.51).

State agencies (existing): treasury

Last Action

Referred To Committee On Tax Policy

2/7/2024

Committee Referrals

Tax Policy2/7/2024
Health Policy1/18/2024
Government Operations1/17/2024

Full Bill Text

No bill text available