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 increases the corporate income tax rate to 8.5% starting in 2025, reallocates tax revenue to various state funds, and allows business losses to be carried forward for nine years.
Introduced
by
Referred to the Committee on Transportation and Infrastructure
