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HB 4361 - Income Tax Amendments - Michigan Key Vote

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See How Your Politicians Voted

Title: Income Tax Amendments

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that amends the Income Tax Act, repeals credits, deductions, and exemptions, amends future tax rates and establishes a corporate income tax to be levied on businesses organized as corporations under Federal law.

Highlights:

  • Reduces the income tax rate to 4.25 percent, beginning January 1, 2013 (Sec. 30).
  • Reduces the amount of retirement income exempted from taxes, depending on the age of the individual (Sec. 30).
  • Reduces the earned income tax credit for low-income workers from 20 percent to 6 percent beginning after December 31, 2011 (Sec. 272).
  • Establishes a corporate income tax of 6 percent on corporations filed as class "C" (Sec. 623).

See How Your Politicians Voted

Title: Income Tax Amendments

Vote Smart's Synopsis:

Vote to pass a bill that amends the Income Tax Act, repeals certain credits, deductions, and exemptions, amends future tax rates and establishes a corporate income tax to be levied on businesses organized as corporations under Federal law.

Highlights:

  • Reduces the income tax rate to 4.25 percent, beginning January 1, 2013 (Sec. 30).
  • Reduces the amount of retirement income exempted from taxes, depending on the age of the individual (Sec. 30).
  • Reduces the earned income tax credit for low-income workers from 20 percent to 6 percent beginning after December 31, 2011 (Sec. 272).
  • Establishes a corporate income tax of 6 percent on corporations filed as class "C" (Sec. 623).

NOTE: THE LIEUTENANT GOVERNOR CAST A TIE-BREAKING VOTE ON THIS LEGISLATION.

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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