HB 4144
Corporate income tax: rate; rate increase and earmark of increased revenue to school aid fund; provide for. Amends secs. 623 & 695 of 1967 PA 281 (MCL 206.623 & 206.695).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill increases the corporate income tax rate in Michigan. Starting January 1, 2025, the rate will rise to 8.5%, up from 6.0% before that date. A portion of the increased tax revenue will be specifically earmarked for various state funds. Initially, in the 2021-2022 fiscal year, $800 million will be deposited into the Michigan Taxpayer Rebate Fund, while subsequent years will distribute revenue to the general fund, the Michigan Housing and Community Development Fund, the Revitalization and Placemaking Fund, and the Strategic Outreach and Attraction Reserve Fund, with a portion also directed to the state school aid fund.
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