MI HB5682

Allows individuals to deduct grant money received from state, local, or federal broadband expansion programs for tax years beginning January 1, 2023 and later, including grants under 13 specified federal and state broadband programs.

Requires individuals to add back as income any expenses (including depreciation) deducted in determining adjusted gross income that are attributable to eligible broadband grants.

Extends the same broadband grant deduction and expense add-back provisions to corporations under the corporate income tax and to flow-through entities under the flow-through entity tax.

Makes the amendments retroactively effective for tax years beginning on and after January 1, 2023.