Economic development: other; revenue division of department of treasury; amend to reflect elimination of the Michigan strategic fund. Amends sec. 28 of 1941 PA 122 (MCL 205.28). TIE BAR WITH: SB 0631'25
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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 eliminates the Michigan Strategic Fund. It amends a 1941 law governing state tax collection procedures, primarily focusing on rules regarding notice, injunctions, collection methods, and confidentiality of taxpayer information. The bill also mandates reporting requirements for the Michigan Business Tax Act and outlines penalties for violations related to the handling of tax information.
Key provisions
- Eliminates the Michigan Strategic Fund.
- Updates rules for providing tax notices and administering tax collection.
- Establishes penalties for unauthorized disclosure of tax information.
- Requires the Department of Treasury to annually report statistics on the Michigan Business Tax Act.
- Defines ‘adjusted gross receipts’ and ‘wagering tax’ for gaming revenue reporting.
- Specifies conditions for issuing injunctions to stay tax collection proceedings.
- Outlines procedures for the state treasurer to request information from other state agencies.
- Sets penalties for violations of confidentiality rules.
Who is affected
- Taxpayers
- Department of Treasury employees
- State Treasurer's office
- Businesses operating in Michigan
- Gaming licensees
Notable changes
- The elimination of the Michigan Strategic Fund represents a significant change in state economic development policy.
Bill text
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- Senate Introduced Bill
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