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MI HB6217
Bill
Status
12/3/2024
Primary Sponsor
Alabas Farhat
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AI Summary
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Increases the corporate income tax rate from 6.0% to 8.5%, effective January 1, 2025.
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Beginning in fiscal year 2025-2026, dedicates $50,000,000 annually to the Michigan housing and community development fund.
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Beginning in fiscal year 2025-2026, dedicates revenue from the 2.5% rate increase (the difference between the new 8.5% rate and the previous 6.0% rate) to the state school aid fund.
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Directs remaining corporate income tax revenue after the above allocations to the general fund.
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Makes technical corrections, including changing "shall" to "must" and "which" to "that" for grammatical consistency.
Legislative Description
Corporate income tax: rate; rate increase and earmark of increased revenue to school aid fund; provide for. Amends secs. 623 & 695 of 1967 PA 281 (MCL 206.623 & 206.695).
Corporate income tax: rate
Last Action
Bill Electronically Reproduced 12/03/2024
12/3/2024