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Michigan: Notice Clarifies that Income Tax Rate Reduction for TY 2023 Was Temporary
Notice: The Reduction To The Income Tax Rate For Tax Year 2023 Was Temporary, Mich. Dept. of Treasury (9/23/24). A Michigan Department of Treasury notice clarifies that pursuant to concluded litigation on the issue of whether the lower 4.05% individual income tax rate as determined under Michigan Income Tax Act, MCL 206.51(1)(c), was temporary and effective for the 2023 tax year only, the 4.25% tax rate applies to tax years that begin in 2024 for individuals, fiduciaries, and flow-through entities paying the Michigan Flow-Through Entity Tax. Please contact us with any questions.
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