MI HB5061

Replaces "shall" with "must" in subsection (1)(a) regarding notice requirements for tax administration, and updates language in subsection (1)(f) regarding confidentiality of tax information and disclosure restrictions.

Allows disclosure of information required for the Michigan Economic Growth Authority Act report under section 10 of 1995 PA 24 and permits disclosure of such information under Freedom of Information Act requests, notwithstanding prior confidentiality restrictions.

Authorizes disclosure of applications, agreements, certificates, and total tax credits claimed under sections 455, 457, and 459 of the Michigan Business Tax Act, 2007 PA 36, overriding confidentiality provisions in those sections.

Updates references to the United States Department of Treasury (changes from lowercase to proper capitalization) and clarifies language regarding reciprocal agreements for tax information exchange with other jurisdictions.

Takes effect 180 days after enactment.