Individual income tax: other; income tax act of 1967; update reference. Amends sec. 51d of 1967 PA 281 (MCL 206.51d).
Impact
If HB5944 is enacted, it would lead to a structured allocation of significant tax revenues within Michigan's budget. The bill specifies exact revenue amounts to be deposited into the transportation fund across multiple fiscal years, starting from $264 million for the 2018-2019 fiscal year and escalating to $600 million in subsequent years. The funding aims to bolster the state's capabilities to maintain and develop its transportation facilities, which are crucial for economic growth and community connectivity.
Summary
House Bill 5944 is a legislative measure aimed at amending the Income Tax Act of 1967 in Michigan, specifically paragraph 51d. The bill proposes that specific revenues collected from the income tax levied under section 51 be redirected into the Michigan transportation fund. This amendment is designed to ensure that funds are available for essential services connected to state transportation infrastructure, reflecting a commitment to maintaining and upgrading transportation networks.
Contention
One of the notable points of contention surrounding HB5944 is its tie-bar with House Bill 5945. This legislative connection suggests that the passage of this bill may be contingent on the approval of another bill, sparking discussions about the implications of tying funding mechanisms to concurrent legislative actions. Critics may raise concerns about potential limitations on legislative flexibility or the prioritization of transportation funding over other pressing state needs.
Same As
Transportation: funds; local agency infrastructure disaster relief fund and board; create. Amends secs. 10 & 11 of 1951 PA 51 (MCL 247.660 & 247.661) & adds sec. 11k.
Individual income tax: revenue distributions; earmark for MiAble fund; provide for. Amends sec. 51 of 1967 PA 281 (MCL 206.51). TIE BAR WITH: SB 0873'24
Individual income tax: rate; rollback of rate to 4.05% and effect of a triggering rate reduction; provide for, and clarify permanency. Amends sec. 51 of 1967 PA 281 (MCL 206.51).
Individual income tax: retirement or pension benefits; limitations and restrictions on deductions of certain retirement or pension benefits, revenue distributions, earned income tax credit, rebate payments, rebate and revitalization and placemaking funds; revise, increase, and provide for. Amends title & secs. 30, 51, 272 & 695 of 1967 PA 281 (MCL 206.30 et seq.) & adds secs. 51h, 476 & 696.
Individual income tax: exemptions; increasing personal exemption, reducing income tax rate, lowering age for unrestricted deduction, and increasing deduction for certain retirement or pension benefits; provide for. Amends secs. 30 & 51 of 1967 PA 281 (MCL 206.30 & 206.51).
Individual income tax: retirement or pension benefits; limitations and restrictions on deductions of certain retirement or pension benefits and revenue distribution to state school aid fund; revise. Amends secs. 30 & 51 of 1967 PA 281 (MCL 206.30 & 206.51).