Bill > HB5296

This bill modifies the distribution of corporate income tax revenue across different state funds for fiscal years from 2022-2023 to 2029-2030, with specific allocations changing each year. For the 2022-2023 and 2023-2024 fiscal years, the revenue distribution remains largely the same, with up to $1.2 billion going to the general fund, $50 million to the Michigan housing and community development fund, $50 million to the revitalization and placemaking fund, and $500 million to the strategic outreach and attraction reserve fund (which is being referenced as a "former" section). For the 2024-2025 fiscal year, the key change is replacing the strategic outreach and attraction reserve fund allocation with a $250 million deposit to the healthy Michigan fund. In subsequent fiscal years (2025-2026 through 2029-2030), the bill progressively increases allocations to the neighborhood roads fund, starting at $688 million in 2025-2026 and growing to $1.04 billion by 2029-2030, while maintaining the initial $1.2 billion general fund and $50 million housing fund deposits. The bill is tied to the passage of House Bill 5294 and reflects ongoing adjustments to how corporate income tax revenue is distributed across various state priorities.