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).

Summary

This legislation amends existing tax statutes to increase the corporate income tax rate and revise the formula for allocating the revenue. It would affect corporations that pay state income tax and could alter funding for state programs that receive a share of that revenue. The change is intended to generate more state revenue from corporate taxes.

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