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MI SB1113

Bill

Official Source

Status

Introduced

11/14/2024

Primary Sponsor

Sean McCann

Click for details

Origin

Senate

102nd Legislature

AI Summary

  • Modifies income tax revenue distribution under the 1967 Income Tax Act for fiscal years 2025-2026 through 2026-2027 and beyond
  • For fiscal year 2025-2026 only: deposits $50,000,000 to the Michigan housing and community development fund, with remaining revenue to the general fund
  • Beginning fiscal year 2026-2027: allocates $50,000,000 to the Michigan housing and community development fund and $60,000,000 to the beverage container handling fund, with remaining revenue to the general fund
  • Requires annual inflation adjustments to the beverage container handling fund allocation beginning in fiscal year 2027-2028 using the United States Consumer Price Index
  • Becomes effective only if Senate Bill No. 1112 is enacted and approved by a majority of voters at the November 3, 2026 general election

Legislative Description

Corporate income tax: revenue distribution; earmark for the beverage container handling fund; provide for. Amends sec. 695 of 1967 PA 281 (MCL 206.695). TIE BAR WITH: SB 1112'24

Trade: containers

Last Action

Referred To Committee Of The Whole

12/11/2024

Committee Referrals

Energy And Environment11/14/2024

Full Bill Text

No bill text available