Michigan HB4144 increases corporate income tax rate and earmarks increased revenue for school aid fund.

Michigan HB4144 amends the corporate income tax rate, raising it from 6.0% to 8.5% starting January 1, 2025. The bill earmarks the increased revenue from this tax hike to the state school aid fund. The corporate income tax base includes adjustments such as adding interest income and dividends, while deducting certain expenses and losses. The bill also outlines specific revenue allocations for different state funds, including the Michigan housing and community development fund and the strategic outreach and attraction reserve fund.

Michigan HB4144 increases corporate income tax rate and earmarks increased revenue for school aid fund.

Michigan HB4144 amends the corporate income tax rate, raising it from 6.0% to 8.5% starting January 1, 2025. The bill earmarks the increased revenue from this tax hike to the state school aid fund. The corporate income tax base includes adjustments such as adding interest income and dividends, while deducting certain expenses and losses. The bill also outlines specific revenue allocations for different state funds, including the Michigan housing and community development fund and the strategic outreach and attraction reserve fund.