Corporate income tax: revenue distribution; earmark for the beverage container handling fund; provide for. Amends sec. 695 of 1967 PA 281 (MCL 206.695). TIE BAR WITH: SB 416'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill changes how revenue from the state corporate income tax is distributed. Initially, for the 2021-2022 fiscal year, a specific amount would be deposited into the Michigan Taxpayer Rebate Fund. Starting in the 2022-2023 fiscal year, the revenue will be allocated to the general fund, the Michigan Housing and Community Development Fund, the Revitalization and Placemaking Fund, and the Strategic Outreach and Attraction Reserve Fund, with the remaining funds going to the general fund. Beginning in the 2025-2026 fiscal year, an additional amount will be directed to the Beverage Container Handling Fund, adjusted annually for inflation.
Key provisions
- For 2021-2022, $800,000,000 is allocated to the Michigan Taxpayer Rebate Fund.
- Starting 2022-2023, revenue is distributed to the general fund, housing fund, revitalization fund, and strategic outreach fund.
- Beginning 2025-2026, an additional amount is directed to the Beverage Container Handling Fund.
- The amount to the Beverage Container Handling Fund is adjusted annually for inflation.
- The remaining revenue after allocations goes to the general fund.
Who is affected
- Businesses subject to Michigan corporate income tax
- The State Treasury
- The General Fund
- The Michigan Housing and Community Development Fund
- The Revitalization and Placemaking Fund
Notable changes
- Establishes a specific earmark for the Beverage Container Handling Fund.
Bill text
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