HB 4170
Individual income tax: rate; rollback of rate to 4.05% and effect of a triggering rate reduction; provide for, and clarify permanency. Amends sec. 51 of 1967 PA 281 (MCL 206.51).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to roll back Michigan’s individual income tax rate to 4.05%, with potential further reductions based on state revenue growth compared to the previous year’s inflation rate. The rate reduction is tied to a triggering event that occurs if the state’s general fund revenue increases more than the inflation rate. The bill also clarifies the permanence of these rate adjustments and outlines how a portion of the income tax revenue will be deposited into various state funds, including the state school aid fund and the Renew Michigan fund, subject to certain conditions.
Sponsors
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Primary sponsor
Cosponsors
Cameron Cavitt
Curtis VanderWall
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