Individual income tax: rate; repeal of the personal income tax; provide for. Amends title of 1967 PA 281 (MCL 206.1 - 206.847); adds sec. 799 & repeals pt. 1, ch. 17 & pt. 4 of 1967 PA 281 (MCL 206.1 - 206.532, 206.701 - 206.715 & 206.801 - 206.847).

This bill proposes to repeal the existing personal income tax in Michigan and replace it with a corporate income tax starting on January 1, 2025. The legislation amends the state's tax code by removing sections related to individual income taxation and officially renaming the remaining act to reflect its focus on corporate taxes. Directly affecting individual taxpayers and businesses, the measure would eliminate the tax on personal earnings while establishing a new tax framework specifically for corporate profits.