SB 0555
Individual income tax: revenue distributions; earmark for MiAble fund; provide for. Amends sec. 51 of 1967 PA 281 (MCL 206.51). TIE BAR WITH: SB 556'25
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the Michigan individual income tax to direct a portion of the revenue towards the MiABLE fund. Specifically, it adjusts the tax rates based on the difference between the previous year’s general fund revenue and a capped revenue amount, linked to the Consumer Price Index. Starting in October 2025, the bill mandates a specific percentage of the tax revenue collected be deposited into the MiABLE fund, supplementing existing distributions to other state funds like the school aid fund and the agricultural preservation fund. The bill also requires annualization of tax rates and clarifies definitions related to income and inflation.
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Primary sponsor
Cosponsor
Mark E. Huizenga
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