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MI SB0852

Bill

Official Source

Status

Introduced

5/1/2024

Primary Sponsor

Joseph Bellino

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Origin

Senate

102nd Legislature

AI Summary

  • Removes the $800,000,000 appropriation to the Michigan taxpayer rebate fund for the 2021-2022 fiscal year and redirects those revenues to the general fund.

  • Restructures revenue distribution for fiscal years 2022-2023 through 2024-2025: directs up to $500,000,000 to the strategic outreach and attraction reserve (SOAR) fund for 2022-2023 only, then redirects that same amount to the bridge repair fund beginning in 2023-2024.

  • Establishes new distribution for fiscal year 2025-2026 and beyond: directs $50,000,000 to the Michigan housing and community development fund and up to $500,000,000 to the bridge repair fund, with remaining revenue to the general fund.

  • Takes effect only if Senate Bill No. 853 of the 102nd Legislature is enacted into law.

Legislative Description

Corporate income tax: revenue distribution; redirection of funds from SOAR to bridge repair fund; provide for. Amends sec. 695 of 1967 PA 281 (MCL 206.695). TIE BAR WITH: SB 0853'24

Economic development: other

Last Action

Referred To Committee On Appropriations

5/1/2024

Committee Referrals

Appropriations5/1/2024

Full Bill Text

No bill text available