HB 4187
Corporate income tax: revenue distribution; distribution of corporate income tax revenue; modify. Amends secs. 623 & 695 of 1967 PA 281 (MCL 206.623 & 206.695). TIE BAR WITH: HB 4180'25, HB 4181'25, HB 4182'25, HB 4183'25, HB 4184'25, HB 4185'25, HB 4186'25
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the Michigan corporate income tax system to adjust revenue distribution based on the state's general fund revenue growth compared to inflation. Specifically, it adjusts the tax rate for corporations, linking it to the difference between the previous year’s general fund revenue and a ‘capped’ revenue amount, relative to the inflation rate. The bill also directs a portion of the revenue to the State School Aid Fund and the Renew Michigan and Revitalization and Placemaking Funds, with specific allocations determined by fiscal year and funding criteria. It establishes mechanisms for annualizing rates and reporting fund activity.
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