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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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan income tax law to direct a portion of the tax revenue collected to the MiABLE fund. Specifically, it establishes a mechanism for increasing the tax rate based on the difference between the current year’s general fund revenue and the previous year’s capped general fund revenue, relative to the inflation rate. Starting in October 2025, a specific percentage of the income tax revenue will be deposited into the MiABLE fund, which supports individuals with disabilities and their families. The bill is tied to Senate Bill 556.
Key provisions
- Increases the state income tax rate based on the difference between current and previous year’s general fund revenue compared to the inflation rate.
- Establishes a minimum percentage of income tax revenue (starting in October 2025) to be deposited into the MiABLE fund.
- The MiABLE fund supports individuals with disabilities and their families.
- The amount deposited into the MiABLE fund will be adjusted annually to reflect changes in the Consumer Price Index.
- The bill is contingent on the enactment of Senate Bill 556.
- Annualizes the income tax rates to ensure consistency.
- Defines key terms such as ‘capped general fund/general purpose revenue’ and ‘total general fund/general purpose revenue’ for rate calculation purposes.
- Specifies the calculation of taxable income for residents and nonresidents.
Who is affected
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