Plain English Breakdown
The official source material does not provide specific details on the exact changes made to section 695 or the distribution process.
Changes to Michigan's Corporate Income Tax for Transportation
This law changes how corporate income taxes are shared and sets aside money specifically for transportation in Michigan.
What This Bill Does
- Amends section 695 of the Public Acts of 1967, which deals with revenue distribution from corporate income tax.
- Earmarks a specific amount from corporate income taxes to be used by the Michigan Transportation Fund.
Who It Names or Affects
- Corporations that pay income tax in Michigan
- The state government and its transportation fund
Terms To Know
- Corporate Income Tax
- A tax on the profits of corporations.
- Michigan Transportation Fund
- A special account that holds money for transportation projects in Michigan.
Limits and Unknowns
- The exact amount set aside for the transportation fund is not specified.
- It's unclear how this change will affect other parts of the state budget.