Corporate income tax: rate; increasing of rate and revising the distribution of revenue collected; provide for. Amends secs. 623 & 695 of 1967 PA 281 (MCL 206.623 & 206.695).

This bill amends Michigan's Income Tax Act of 1967, changing the corporate income tax rate and how collected revenue is distributed. It increases the corporate income tax rate from 6.0% to 10.0% starting October 1, 2026. The bill also revises the allocation of corporate income tax revenue to various funds, including the general fund, Michigan housing and community development fund, revitalization and placemaking fund, strategic outreach and attraction reserve fund, healthy Michigan fund, neighborhood roads fund, and state school aid fund, with specific amounts and priorities for different fiscal years.

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