A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” by amending section 695 (MCL 206.695), as amended by 2023 PA 4.
Specifies the distribution of revenue collected under the act. For the 2021-2022 fiscal year, $800 million is designated for the Michigan taxpayer rebate fund, with the remainder going to the general fund. From the 2022-2023 to the 2024-2025 fiscal years, up to $1.2 billion will go to the general fund, with potential allocations of up to $50 million each to the Michigan housing and community development fund and the revitalization and placemaking fund, and any remaining revenue also directed to the general fund.
Co-sponsored by Sens.
Referred to the Committee on Economic and Community Development
