A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 695a; and to repeal acts and parts of acts.
This legislation proposes amendments to the Income Tax Act of 1967, specifically by adding section 695a and repealing section 695. The bill outlines a specific plan for earmarking corporate income tax revenue collected from the 2025-2026 fiscal year and lasting 10 years. A large business subsidy program would receive $250 million each year. A program to subsidize developers and local government projects would receive $50 million a year. These two funds would total $3 billion in business subsidies over the next decade. A housing development fund would receive $100 million a year. And a program to subsidize transit agencies would receive $200 million a year. After these allocations, any remaining revenue will be directed to the general fund. Starting from the 2035-2036 fiscal year, all revenue will be deposited into the general fund.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
Reported without amendment
