MI HB4991

Exempts compensation received under the Wrongful Imprisonment Compensation Act (2016 PA 343) from Michigan state income tax for tax years beginning after December 31, 2018.

Excludes wrongful imprisonment compensation from "total household resources" calculations used to determine homestead property tax credit eligibility, effective for tax years beginning after December 31, 2018.

Creates the Renew Michigan Fund with $69 million annually (beginning 2018-2019 fiscal year) from income tax revenue, allocating funds to environmental cleanup (65%), waste management (13%), and recycling programs (22%).

Reduces the individual income tax rate for tax years beginning January 1, 2023 and later if general fund revenue growth exceeds inflation, with reductions calculated based on a formula comparing revenue to a 2020-2021 baseline.

Deposits $264-600 million annually from income tax revenue to the Michigan Transportation Fund beginning October 1, 2018, with amounts contingent on maintaining the 2017-2018 minimum foundation allowance for schools.