SB 0573
Corporate income tax: revenue distribution; distribution of revenue; modify. Amends sec. 51 of 1967 PA 281 (MCL 206.51); adds secs. 51a & 695a & repeals secs. 51d - 51f, 51h, 476 & 695 of 1967 PA 281 (MCL 206.51d - 206.51f, 206.51h, 206.476 & 206.695).
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- Passed Senate
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- To Governor
- Became Law
Bill overview
This bill modifies Michigan’s corporate income tax structure by adjusting how revenue is distributed. Specifically, it changes the tax rates based on the difference between the state’s general fund revenue and the inflation rate, with a reduction in the rate if revenue growth exceeds inflation. The bill also introduces new revenue distribution mechanisms, including dedicated funds for the state school aid fund, agricultural preservation, transportation, brownfield redevelopment, and a good jobs fund. Finally, it repeals several existing sections of the 1967 Income Tax Act.
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