Economic development: other; funding for the Michigan innovation fund program; provide for. Amends secs. 7, 31 & 33 of 2003 PA 296 (MCL 125.2237 et seq.).
Impact
If approved, HB 5652 would significantly alter the existing statutes governing state education funding. It would establish a new framework for budget allocations, compelling the state to assess and address the specific requirements of each school district in a way that is not currently mandated. This shift could lead to enhanced financial support for districts that have been historically disadvantaged, thereby improving resources for students, staff, and educational facilities. The bill is seen as a crucial step toward achieving a more just and effective educational landscape in the state.
Summary
House Bill 5652 focuses on reforming the education funding system within the state, introducing measures aimed at increasing transparency and ensuring equitable distribution of resources among school districts. The bill proposes new guidelines for evaluating the needs of each district based on factors such as socioeconomic status and student population disparities. Through these reforms, HB 5652 aims to provide a more consistent and fair funding mechanism that helps to bridge the gap between wealthier and underfunded districts, ultimately promoting better educational outcomes for all students.
Sentiment
The discussions around HB 5652 have been overwhelmingly positive among educational advocates and supportive lawmakers, who view the bill as a vital investment in the future of the state's children. Supporters emphasize that equitable funding will lead to a more robust education system that can cater to the needs of all students, regardless of their backgrounds. Nevertheless, there are critiques from some factions concerned about the potential strain on the state budget and apprehensions regarding how well the implementation will match the proposed intentions.
Contention
Notable points of contention surrounding HB 5652 involve the funding formulas and the mechanisms for assessing district needs—that some believe could lead to unintended consequences. Critics argue that while the goals of the bill are noble, the approach may not adequately account for unique challenges faced by certain districts. Additionally, there is concern about the feasibility of consistently reallocating funding in a manner that is fair and transparent. These discussions highlight the complexities of reforming public funding of education and the various perspectives that stakeholders bring to the debate.
Same As
Economic development: Michigan strategic fund; Michigan innovation fund program; create. Amends secs. 88b, 88f & 88h of 1984 PA 270 (MCL 125.2088b et seq.) & adds sec. 88u.
Economic development: Michigan strategic fund; good jobs for Michigan program; modify. Amends secs. 9, 90g & 90h of 1984 PA 270 (MCL 125.2009 et seq.).
Economic development: Michigan strategic fund; good jobs for Michigan program; modify. Amends secs. 9, 90g & 90h of 1984 PA 270 (MCL 125.2009 et seq.). TIE BAR WITH: SB 0580'23
Economic development: other; critical industry program and Michigan strategic site readiness program; revise, and create Michigan 360 program. Amends secs. 5, 9, 88s & 88t of 1984 PA 270 (MCL 125.2005 et seq.) & adds secs. 88u & 88v. TIE BAR WITH: HB 5106'23
Economic development: other; critical industry program and Michigan strategic site readiness program; revise, and create Michigan 360 program. Amends secs. 5, 9, 88s & 88t of 1984 PA 270 (MCL 125.2005 et seq.) & adds secs. 88u & 88v. TIE BAR WITH: SB 0562'23
Economic development: Michigan strategic fund; research and development tax credit program report; require the Michigan strategic fund to assist in its preparation. Amends sec. 9 of 1984 PA 270 (MCL 125.2009).
Economic development: Michigan strategic fund; approval and certification of certain research and development tax credits; authorize. Amends title & secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009).
Corporate income tax: credits; research and development credit for certain employers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 677 & repeals sec. 716 of 1967 PA 281 (MCL 206.716).
Individual income tax: credit; research and development credit for certain small employers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 717.
Individual income tax: revenue distributions; deposit into the good jobs for Michigan fund; revise to reflect the name change of the fund. Amends secs. 51f & 711 of 1967 PA 281 (MCL 206.51f & 206.711). TIE BAR WITH: SB 0579'23, SB 0580'23
Individual income tax: revenue distributions; earmark of withholding tax capture revenues into the more jobs for Michigan fund; provide for. Amends sec. 51f & 711 of 1967 PA 281 (MCL 206.51f & 206.711).
Corporate income tax: credits; annual report on research and development tax credits; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 718.
Economic development: obsolete property and rehabilitation; definition of core community; revise to reflect change in obsolete property rehabilitation act. Amends sec. 455 of 2007 PA 36 (MCL 208.1455). TIE BAR WITH: HB 5886'24
Education: other; definition of qualified higher education expenses under Michigan education savings program; expand to include certain K-12 tuition expenses. Amends sec. 2 of 2000 PA 161 (MCL 390.1472).
Individual income tax: other; qualified higher education expenses under the Michigan education savings program; conform with most recent federal modifications. Amends secs. 2 & 16 of 2000 PA 161 (MCL 390.1472 & 390.1486).