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MI HB5415

Bill

Status

Introduced

1/30/2024

Primary Sponsor

Graham Filler

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Renames the "good jobs for Michigan fund" to the "high-wage incentive for regional employment in (H.I.R.E.) Michigan fund" in the Income Tax Act of 1967

  • Requires withholding tax capture revenues from certified new jobs under the Michigan Strategic Fund Act to be deposited into the renamed H.I.R.E. Michigan fund

  • Updates section 711 to reference the written agreement under section 90h of the Michigan Strategic Fund Act instead of the "good jobs for Michigan program"

  • Requires employers with written agreements under the Strategic Fund Act to delineate in their tax returns the portion of withheld taxes attributable to certified new jobs

  • Takes effect only if House Bills 5413 and 5414 of the 102nd Legislature are also enacted into law

Legislative Description

Individual income tax: revenue distributions; deposit into the good jobs for Michigan fund; revise to reflect the name change of the fund. Amends secs. 51f & 711 of 1967 PA 281 (MCL 206.51f & 206.711). TIE BAR WITH: HB 5413'24

Individual income tax: revenue distributions

Last Action

Referred To Second Reading

12/10/2024

Committee Referrals

Economic Development And Small Business1/30/2024

Full Bill Text

No bill text available