Individual income tax: revenue distributions; earmark of withholding tax capture revenues into the more jobs for Michigan fund; provide for. Amends secs. 51f & 711 of 1967 PA 281 (MCL 206.51f & 206.711).
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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 directs Michigan to earmark a portion of the state’s withholding tax revenue – specifically, revenue generated from ‘withholding tax capture’ related to certified new and protected jobs – for the ‘More Jobs for Michigan’ fund. The fund was previously established under the Michigan Strategic Fund Act. The bill clarifies the definition of ‘withholding tax capture revenues’ and specifies how these funds should be deposited and utilized to support job creation initiatives.
Key provisions
- Redirects a portion of withholding tax revenue to the ‘More Jobs for Michigan’ fund.
- The revenue is tied to certified new jobs and protected jobs as defined by the Michigan Strategic Fund Act.
- Defines ‘withholding tax capture revenues’ and related terms.
- Specifies how funds are deposited annually into the ‘More Jobs for Michigan’ fund.
- Addresses reporting requirements for employers regarding withholding taxes, including electronic filing for large employers.
- Requires employers with agreements under the ‘Good Jobs for Michigan’ program to report the portion of withheld taxes attributable to certified new jobs.
- Establishes procedures for recipients of income subject to withholding to provide updated information to employers.
Who is affected
- Employers
- Taxpayers
- The Michigan Department of Treasury
- The Michigan Strategic Fund
Bill text
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Document of record
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- Senate Introduced Bill
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