SB 0472
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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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill redirects a portion of Michigan’s withholding tax revenue – specifically, revenue generated from ‘certified new jobs’ – into two state funds: the ‘More Jobs for Michigan’ fund and the ‘Good Jobs for Michigan’ fund. It clarifies the definitions of key terms related to these revenue streams and updates reporting requirements for employers regarding withholding taxes, particularly concerning taxes attributable to jobs supported by the Michigan Strategic Fund Act. The bill’s effectiveness is contingent on the passage of a related House bill.
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