This revised rate is an annual tax rate that is effective as of January 1, 2023. Thus, the tax rate applicable to all individuals and fiduciaries for the 2023 tax year is 4.05%. Based on the formula prescribed by Section 51(1)(c), the reduction to the current tax rate is equal to 0.20 percentage points (0.20%). That determination is required to be made jointly by the State Treasurer, the Director of the Senate Fiscal Agency, and the Director of the House Fiscal Agency based on financial data from the Annual Comprehensive Financial Report (ACFR).īased on recently finalized data from the ACFR for the fiscal year that ended September 30, 2022, it has been determined the conditions requiring a reduction to the current tax rate have been met. However, for each tax year beginning on and after January 1, 2023, that rate may be subject to a formulary reduction as provided by Section 51(1)(c) if there is a determination that the percentage increase in general fund revenue from the immediately preceding state fiscal year exceeded the inflation rate for the same period. Individuals and fiduciaries subject to tax under Part 1 of the Income Tax Act, MCL 206.1 et seq., are generally subject to tax at a 4.25% tax rate under Section 51 of the Income Tax Act, MCL 206.51. Notice to Taxpayers Regarding Income Tax Deduction for Income Attributed to Cancellation ![]() Notice FTE Tax Payments Delayed Due to MTO Registration Will Be Treated as Timely for TPs REMINDER NOTICE FTE TAX PAYMENTS DUE BY MARCH 15 2022 Tax Rate Calculation on Gross Premiums Attributable to Qualified Health Plans for Tax Year 2022 Student Loan Forgiveness Not Subject to Income Tax in Michigan Notice Regarding the MI Catastrophic Claims Association Surplus For Insurers Notice Regarding the Implementation of 2022 Public Act 148 Notice of Tax Rate Calculation on Gross Premiums 2021 Notice to Taxpayers Regarding Public Act 207 of 2022 Notice Regarding Amendment to Michigan Beverage Container Law Tax Rate Calculation on Gross Premiums Attributable to Qualified Health Plans for Tax Year 2023 Revisions to Michigan Sales and Use Tax Rules Notice to Taxpayers Regarding IRS Form 1098 F Notice Regarding Industrial Process Exemption for Aggregates Notice Flow-Through Entity Tax Rate Reduced for Tax Years Beginning in 2023 Sales and Use Tax Exemption for Firearm Safety Devices to Take Effect May 13 2024Ģ024 Tax Year Income Tax Rate for Individuals and FiduciariesĬhange in Tax Treatment for Prepared FoodĬhanges in the Taxability of Delivery and Installation Charges for SUĮxtensions Due to Federal Disaster Declaration in Michigan Heads of households: $19,400 for tax year 2022Īnd the agency recently announced the retirement plan contribution changes for 2022.Court of Appeals Concludes Reduction to Income Tax Rate for Tax Year 2023 Was Temporary. ![]()
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