INCOME TAX RATE REDUCTION - S.B. 4: FLOOR ANALYSIS
Senate Bill 4 (as reported without amendment)
Sponsor: Senator Dale L. Shugars
Committee: Finance
CONTENT
The bill would amend the Income Tax Act to provide that the income tax rate would be 4.0% in 2003.
The bill, together with Senate Bills 1, 2, 3, and 5, would reduce the State income tax from the current rate of 4.4% to 3.9% over a five-year period ending in 2004. After 2004, the rate would remain 3.9%.
Proposed MCL 206.51e - Legislative Analyst: G. Towne
FISCAL IMPACT
Please see FISCAL IMPACT on Senate Bill 1.
Date Completed: 1-28-99 - Fiscal Analyst: J. Wortley
floor\sb4 - Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.