Individual income tax: reporting; annual revenue report to individual income tax filers; require. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 471a.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires the Michigan Department of Treasury to send an annual revenue report to all individual income tax filers starting in 2025. The report will detail how state income tax revenue was collected, distributed, and refunded during the previous state fiscal year. It will break down revenue by various sources, including wage withholdings, quarterly payments, and specific funds like the school aid and transportation funds. This aims to provide taxpayers with greater transparency into state finances.
Key provisions
- Starting in 2025, the Department of Treasury must send an annual revenue report.
- The report will cover revenue collection and distribution for the most recently completed state fiscal year.
- The report will include breakdowns of revenue by specific categories (wage withholdings, quarterly payments, etc.).
- The report will detail the total amount of refunds issued.
- The report will show distributions to various state funds (general fund, school aid fund, transportation fund, Renew Michigan fund, and state campaign fund).
Who is affected
- Individual income tax filers in Michigan
Notable changes
- Introduces a new requirement for the Department of Treasury to provide taxpayers with revenue information.
Bill text
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Document of record
- Version
- House Introduced Bill
- Published
- Not published in the source record
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Sponsors
Official sponsors from legislative records.
8 on record
Primary sponsor
Cosponsors
Cameron Cavitt
Gregory Alexander
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