Michigan SB0573 modifies the distribution of corporate income tax revenue, including changes to the state school aid fund and agricultural.

Michigan SB0573 amends the corporate income tax distribution by adjusting the percentage of gross collections deposited into the state school aid fund and agricultural preservation fund. It specifies different percentages for various fiscal years and introduces a new fund, the renew Michigan fund, receiving a fixed amount of $69,000,000.00. The bill also includes provisions for credits against tax due for certain withholding tax capture revenues and modifies the tax rate for certain periods. The changes are designed to align with the state's fiscal planning and revenue distribution mechanisms.

Michigan SB0573 modifies the distribution of corporate income tax revenue, including changes to the state school aid fund and agricultural.

Michigan SB0573 amends the corporate income tax distribution by adjusting the percentage of gross collections deposited into the state school aid fund and agricultural preservation fund. It specifies different percentages for various fiscal years and introduces a new fund, the renew Michigan fund, receiving a fixed amount of $69,000,000.00. The bill also includes provisions for credits against tax due for certain withholding tax capture revenues and modifies the tax rate for certain periods. The changes are designed to align with the state's fiscal planning and revenue distribution mechanisms.