Individual income tax: revenue distributions; earmark for MiAble fund; provide for. Amends sec. 51 of 1967 PA 281 (MCL 206.51). TIE BAR WITH: SB 0873'24

This bill amends Michigan's income tax law to establish a new requirement for funding the MiABLE program, which assists individuals with disabilities. Starting in fiscal year 2024, the state must deposit an amount equal to the total maintenance and asset-based fees charged by the program, or a minimum of $300,000, whichever is higher, into the MiABLE fund from individual income tax revenue. The bill also includes a provision to adjust this funding amount annually based on changes in the Consumer Price Index to account for inflation. Additionally, the legislation modifies existing rules for calculating the state income tax rate and outlines specific formulas for distributing tax revenue to other funds like the state school aid fund and the agricultural preservation fund.