Michigan HB6134 amends corporate income tax rates and revises revenue distribution for specific fiscal years.

Michigan HB6134 amends the corporate income tax by increasing the rate for oil and gas from 6.0% to 10.0% starting October 1, 2026. It revises the distribution of revenue collected from the tax for specific fiscal years, directing funds to various state funds including the general fund, Michigan housing and community development fund, and neighborhood roads fund. The bill specifies the maximum amounts to be deposited into these funds for fiscal years 2022-2023 through 2028-2029, with adjustments based on availability of funds.

Michigan HB6134 amends corporate income tax rates and revises revenue distribution for specific fiscal years.

Michigan HB6134 amends the corporate income tax by increasing the rate for oil and gas from 6.0% to 10.0% starting October 1, 2026. It revises the distribution of revenue collected from the tax for specific fiscal years, directing funds to various state funds including the general fund, Michigan housing and community development fund, and neighborhood roads fund. The bill specifies the maximum amounts to be deposited into these funds for fiscal years 2022-2023 through 2028-2029, with adjustments based on availability of funds.