Bill > SB0472

This bill amends Michigan's Income Tax Act to modify how certain tax withholding revenues are distributed. Specifically, the bill creates two new provisions for depositing tax revenues into special funds. First, a portion of withholding tax capture revenues attributable to certified new jobs under an existing program will be deposited into the "Good Jobs for Michigan Fund" each fiscal year. Second, another portion of withholding tax capture revenues related to certified new jobs and protected jobs will be deposited into the "More Jobs for Michigan Fund" each fiscal year. The bill also updates Section 711 to require employers participating in these job programs to delineate on their tax returns the portion of taxes withheld that are attributable to certified new jobs. The bill includes definitions for terms like "authorized business," "certified new jobs," and "withholding tax capture revenues" by referencing the Michigan Strategic Fund Act. The bill will only take effect if a related bill is also enacted into law.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0472