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MI HB5586
Bill
Status
3/5/2020
Primary Sponsor
Jack O'Malley
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AI Summary
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Adds Section 51h to the Income Tax Act of 1967 to distribute revenue lost from a sales tax exemption to the school aid fund and comprehensive transportation fund beginning in fiscal year 2020-2021.
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Requires the Department of Treasury to calculate the amount of revenue lost due to the exemption under section 4ii of the General Sales Tax Act and deposit that amount annually into both the school aid fund and comprehensive transportation fund.
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Specifies that money deposited under this section must be separate from and in addition to money already deposited into the school aid fund under existing section 51(2).
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Enactment is contingent upon passage of HB 5582, HB 5583, HB 5584, and HB 5585 from the 100th Legislature.
Legislative Description
Individual income tax: collections; distribution of revenue into school fund and comprehensive transportation fund; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 51h. TIE BAR WITH: HB 5582'19, HB 5582'19, HB 5583'19, HB 5584'19, HB 5585'19
Individual income tax: credit
Last Action
Bill Electronically Reproduced 03/10/2020
3/10/2020