Bill > HB6217

This bill proposes to amend the Income Tax Act of 1967 by changing the corporate income tax rate. Specifically, it sets the corporate income tax rate at 6% before January 1, 2025, and increases the rate to 8.5% beginning on and after January 1, 2025. The bill also specifies how the increased revenue from the higher tax rate will be distributed, with a portion going to the Michigan Housing and Community Development Fund, the Revitalization and Placemaking Fund, and the State School Aid Fund, while the remaining balance goes to the General Fund.