Michigan Senate Bill SB0852

Michigan 2023-2024 Regular Session

• Introduced: 5/1/24
• Refer: 5/1/24

Caption

Corporate income tax: revenue distribution; redirection of funds from SOAR to bridge repair fund; provide for. Amends sec. 695 of 1967 PA 281 (MCL 206.695). TIE BAR WITH: SB 0853'24

Impact

By redistributing tax revenues, SB 0852 aims to address critical funding needs in Michigan, particularly in housing and infrastructure. The allocation of significant amounts, like $500 million to the bridge repair fund, emphasizes the state's initiative to enhance transportation infrastructure. Additionally, the bill specifies an amount for the housing development fund, indicating a commitment to improving community resources and economic stability for residents.

Summary

Senate Bill 0852 seeks to amend the Income Tax Act of 1967 by adjusting the distribution of income tax revenues in Michigan. The bill outlines a specific allocation structure for revenues starting from the 2022-2023 state fiscal year through the 2024-2025 fiscal year. It establishes prioritized distributions to various state funds, including the general fund, housing development fund, and bridge repair fund, which reflects the state's strategic focus on infrastructure and community development.

Contention

One notable aspect of SB 0852 is its tie to Senate Bill 0853, implying that its enactment is contingent upon the passage of another bill focused possibly on related financial regulations or allocations. This connection may lead to discussions among legislators regarding the broader implications of combined funding strategies and the priorities reflected in both bills. There may be debate surrounding the adequacy of resources allocated to each fund and the overall impact on the state's fiscal health.