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MI SB0950

Bill

Official Source

Status

Introduced

6/26/2024

Primary Sponsor

Jonathan Lindsey

Click for details

Origin

Senate

102nd Legislature

AI Summary

  • Amends the Income Tax Act of 1967 to change its title from a tax on net income to focus on corporate and commercial business activities
  • Removes language regarding net income taxes, rebates, and certain fund creation and expenditure provisions from the act's title
  • Adds Section 799 designating the act as the "Corporate Income Tax Act"
  • Repeals Part 1, Chapter 17, and Part 4 of the Income Tax Act of 1967 (MCL 206.1-206.532, 206.701-206.715, and 206.801-206.847) effective January 1, 2025
  • Takes effect January 1, 2025

Legislative Description

Individual income tax: rate; repeal of the personal income tax; provide for. Amends title of 1967 PA 281 (MCL 206.1 - 206.847); adds sec. 799 & repeals pt. 1, ch. 17 & pt. 4 of 1967 PA 281 (MCL 206.1 - 206.532, 206.701 - 206.715 & 206.801 - 206.847).

Individual income tax: rate

Last Action

Referred To Committee On Finance, Insurance, And Consumer Protection

6/26/2024

Committee Referrals

Finance, Insurance, And Consumer Protection6/26/2024

Full Bill Text

No bill text available