MI HB6105

Corporate income tax rate increases from 6.0% to 10.0% effective October 1, 2025, with the 6.0% rate remaining in effect until that date.

For fiscal years 2022-2023 and 2023-2024, corporate income tax revenue is distributed as follows: up to $1,200,000,000 to general fund, up to $50,000,000 to Michigan housing and community development fund, up to $50,000,000 to revitalization and placemaking fund, up to $500,000,000 to strategic outreach and attraction reserve fund, with remaining balance to general fund.

Beginning in fiscal year 2024-2025 and thereafter, corporate income tax revenue distribution changes to: up to $1,200,000,000 to general fund, $50,000,000 to Michigan housing and community development fund, and remaining balance to the state school aid fund.

The bill maintains existing corporate income tax base adjustments related to interest income, dividends, net operating losses, intangible asset expenses, and oil and gas production exclusions.