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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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan Corporate Income Tax Act of 1967 by adjusting how revenue is distributed. Specifically, it changes the tax rates based on the difference between the total general fund revenue and a capped amount, and it introduces new revenue distribution formulas. It also repeals several existing sections related to revenue distribution and creates new sections to govern these changes. The bill impacts how corporate income tax revenue is allocated to various state funds.
Key provisions
- Changes the corporate income tax rate based on the difference between actual revenue and a capped amount, with adjustments for inflation.
- Adds sections 51a and 695a to the Income Tax Act of 1967.
- Repeals sections 51d through 51f, 51h, 476, and 695 of the Income Tax Act of 1967.
- Directs revenue to the state school aid fund, renew Michigan fund, and the Michigan transportation fund.
- Allocates funds to the agricultural preservation fund and the state brownfield redevelopment fund.
- Specifies distribution to the good jobs for Michigan fund based on withholding tax capture revenues.
- Requires revenue collected to be distributed to the general fund.
Who is affected
- Corporations
- Taxpayers
- State Government
- School Districts
- Businesses
Notable changes
Bill text
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- Senate Introduced Bill
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