A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 471a.
The proposed legislation seeks to amend the Income Tax Act of 1967 by introducing a new section, 471a, which mandates the Department, in collaboration with the State Budget Office, to mail a single-page revenue report to each taxpayer filing an annual return starting with the 2024 tax year. This report will detail individual income tax revenue collection and distribution for the most recently completed state fiscal year. Specifically, it will include the total revenues collected from wage and salary withholdings, quarterly payments, flow-through entity tax, and annual payments, along with the corresponding percentages of the gross revenue collection. Additionally, the report will outline the total amount of refunds issued and the total distributions to various funds, including the General Fund, the School Aid Fund, the Michigan Transportation Fund, the Renew Michigan Fund, and the State Campaign Fund.
Introduced
by
Referred to the Committee on Tax Policy
