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MI SB0573
Bill
AI Summary
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Reorganizes the distribution of individual income tax revenue by consolidating existing provisions into new Section 51a, effective October 1, 2025
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Deposits to the state school aid fund continue at 1.033% of gross collections (divided by the income tax rate) through September 30, 2026, increasing to 1.040% beginning October 1, 2026
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Maintains $69,000,000 annual deposit to the Renew Michigan fund and 3.5% of average farmland tax credits to the agricultural preservation fund
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Adds new $600,000 annual deposit to the Michigan Transportation Fund for disbursement under state highway law
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Continues deposits to the state brownfield redevelopment fund and good jobs for Michigan fund for tax capture revenues under transformational brownfield plans and job creation agreements
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Repeals Sections 51d through 51f, 51h, 476, and 695 of the Income Tax Act, consolidating their provisions into the new sections
Legislative Description
Corporate income tax: revenue distribution; distribution of revenue; modify. Amends sec. 51 of 1967 PA 281 (MCL 206.51); adds secs. 51a & 695a & repeals secs. 51d - 51f, 51h, 476 & 695 of 1967 PA 281 (MCL 206.51d - 206.51f, 206.51h, 206.476 & 206.695).
Corporate income tax: revenue distribution
Last Action
Placed On Immediate Passage
9/25/2025