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MI SB0647
Bill
Status
10/30/2025
Primary Sponsor
Thomas Albert
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AI Summary
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Amends the Income Tax Act of 1967 to replace references to the Michigan Strategic Fund with the new Bureau of Fair Competition and Free Enterprise, reflecting the fund's elimination under companion legislation (SB 631)
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Transfers administration of the State Historic Preservation Office from the Michigan Strategic Fund to the Bureau of Fair Competition and Free Enterprise for purposes of historic rehabilitation tax credits
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Maintains existing historic rehabilitation tax credit programs allowing 25% credits for qualified expenditures, with annual caps of $5,000,000 total and $2,000,000 maximum per taxpayer per year for projects completed between 2021 and 2031
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Deposits withholding tax revenues owed under the former Good Jobs for Michigan program into a restricted account to satisfy remaining contractual obligations rather than the now-eliminated Good Jobs for Michigan Fund
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Makes technical updates including references to "former" 1984 PA 270 (Michigan Strategic Fund Act) and "former" 2003 PA 296 (Michigan Early Stage Venture Investment Act), and does not take effect unless SB 631 is enacted
Legislative Description
Economic development: other; income tax act of 1967; amend to reflect elimination of the Michigan strategic fund. Amends secs. 51f, 266a, 270, 278, 676, 680, 696, 701, 711, 713 & 718 of 1967 PA 281 (MCL 206.51f et seq.). TIE BAR WITH: SB 0631'25
Economic development: other
Last Action
Referred To Committee On Government Operations
10/30/2025