Bill > HB5682

This bill amends the Income Tax Act of 1967 to: 1. Exclude from taxable income any grant money received for the purpose of providing, improving, or expanding broadband expansion in Michigan, including grants issued under various state, local, and federal broadband programs. 2. Add back to taxable income any expenses, including depreciation, that are attributable to such broadband expansion grants. 3. Make similar changes to the corporate income tax base and the flow-through entity tax base to exclude grant income and include related expenses for broadband expansion. The bill applies retroactively to tax years beginning on and after January 1, 2023.