A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” by amending sections 623 and 695 (MCL 206.623 and 206.695), section 623 as amended by 2021 PA 135 and section 695 as amended by 2023 PA 4.
The bill amends the Income Tax Act of 1967 by increasing the corporate income tax rate from 6.0% to 10.0% starting October 1, 2025, and reallocates tax revenue to various state funds, including a new emphasis on the state school aid fund beginning in the 2024-2025 fiscal year.
Introduced
by
Referred to the Committee on Tax Policy
