December 2, 2003, Introduced by Senator EMERSON and referred to the Committee on Finance.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 51e (MCL 206.51e), as added by 1999 PA 5.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 51e. On and after January 1, 2004, for receiving,
2 earning, or otherwise acquiring income from any source
3 whatsoever, there is levied and imposed upon the taxable income
4 of every person other
than a corporation a tax at the rate of
5 3.9%. following rate for the applicable tax year:
6 (a) For the first tax year that begins on or after January
7 1, 2004 and before January 1, 2005, and for each consecutive tax
8 year after that tax year for which the comprehensive annual
9 financial report of this state for the immediately preceding
10 state fiscal year, published pursuant to section 494 of the
11 management and budget act, 1984 PA 431, MCL 18.1494, reports an
1 ending balance of $250,000,000.00 or less in the countercyclical
2 budget and economic stabilization fund created under section 351
3 of the management and budget act, 1984 PA 431, MCL 18.1351, for
4 that state fiscal year, a rate of 4.0%.
5 (b) For the first tax year that begins on and after January
6 1, 2004 for which subdivision (a) does not apply and for each tax
7 year after that tax year, a rate of 3.9%.