INCOME TAX RATE REDUCTION - S.B. 1080: FLOOR ANALYSIS

Senate Bill 1080 (as reported without amendment)

Sponsor: Senator Joel D. Gougeon

Committee: Finance

CONTENT

The bill would amend the Income Tax Act to provide that the income tax rate would be 4.2% in 2001.

The bill is tie-barred to Senate Bills 1079, 1081, 1082, 1083; these bills, with Senate Bill 1080, propose to 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 206.51c - Legislative Analyst: G. Towne

FISCAL IMPACT

Please see FISCAL IMPACT on Senate Bill 1079.

Date Completed: 4-30-98 - Fiscal Analyst: J. Wortleyfloor\sb1080 - 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.