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MI HB5768
Bill
Status
5/30/2024
Primary Sponsor
Jason Hoskins
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AI Summary
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Establishes a new revenue distribution framework for income tax collections for fiscal years 2025-2026 through 2034-2035, prioritizing deposits to the general fund ($1.2 billion), Michigan housing and community development fund ($100 million), revitalization and placemaking fund ($50 million), Michigan mobility trust fund ($200 million), and make it in Michigan fund ($250 million)
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Directs any remaining revenue after priority deposits to the general fund during the 10-year period (2025-2026 through 2034-2035)
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Returns all income tax revenue to the general fund beginning with fiscal year 2035-2036 and in all subsequent fiscal years
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Repeals section 695 of the 1967 Income Tax Act effective October 1, 2025
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Conditioned on enactment of Senate Bills 559 and 562, and House Bills 5770 and 5769
Legislative Description
Corporate income tax: revenue distribution; revenue distributions; modify. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 695a & repeals sec. 695 of 1967 PA 281 (MCL 206.695). TIE BAR WITH: SB 0559'23, SB 0562'23, HB 5770'24, HB 5769'24
Corporate income tax: revenue distribution
Last Action
Referred To Second Reading
6/11/2024