MI SB0983

Amends section 51f of the Income Tax Act of 1967 to include distributions from withholding tax, construction period tax, and income tax capture revenues for qualified and eligible projects under the Michigan strategic fund act.

Requires that tax capture revenues for qualified projects under section 88s or eligible projects under section 88t of the Michigan strategic fund act be deposited into the strategic outreach and attraction reserve fund created under the Michigan trust fund act, 2000 PA 489.

Limits total deposits of construction period tax capture revenues, withholding tax capture revenues, and income tax capture revenues for a qualified or eligible project to not exceed the tax capture limit as defined in sections 88s or 88t of the Michigan strategic fund act.

Continues existing requirement to deposit withholding tax capture revenues attributable to certified new jobs from the good jobs for Michigan program into the good jobs for Michigan fund.

Takes effect only if Senate Bills 981 and 982 of the 101st Legislature are also enacted into law.