Bill Text: MI SB0950 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Individual income tax: rate; repeal of the personal income tax; provide for. Amends title of 1967 PA 281 (MCL 206.1 - 206.847); adds sec. 799 & repeals pt. 1, ch. 17 & pt. 4 of 1967 PA 281 (MCL 206.1 - 206.532, 206.701 - 206.715 & 206.801 - 206.847).
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced) 2024-06-26 - Referred To Committee On Finance, Insurance, And Consumer Protection [SB0950 Detail]
Download: Michigan-2023-SB0950-Introduced.html
SENATE BILL NO. 950
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.847) by amending the title, as amended by 2023 PA 4, and by adding section 799; and to repeal acts and parts of acts.
the people of the state of michigan enact:
An act to meet deficiencies in state funds by providing for the imposition, levy, computation, collection, assessment, reporting, payment, and enforcement by lien and otherwise of taxes on or measured by net income and on certain commercial, business, and financial activities; to prescribe the manner and time of making reports and paying the taxes, and the functions of public officers and others as to the taxes; to permit the inspection of the records of taxpayers; to provide for interest and penalties on unpaid taxes; to provide exemptions, credits, rebates, and refunds of the taxes; to create certain funds; to provide for the expenditure of certain funds; to impose certain duties and requirements on certain officials, departments, and authorities of this state; to prescribe penalties for the violation of this act; to provide an appropriation; and to repeal acts and parts of acts.
Sec. 799. This act may be cited as the "corporate income tax act".
Enacting section 1. Part 1, chapter 17, and part 4 of the income tax act of 1967, 1967 PA 281, MCL 206.1 to 206.532, 206.701 to 206.715, and 206.801 to 206.847, are repealed effective January 1, 2025.
Enacting section 2. This amendatory act takes effect January 1, 2025.
