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 proposes to increase Michigan's corporate income tax rate from 6.0% to 10.0% starting on October 1, 2026. It also modifies how the tax base is calculated by adding back certain interest and dividend income while removing deductions for oil and gas production expenses. Additionally, the legislation establishes a specific distribution plan for the revenue collected, directing funds to the general fund, housing initiatives, placemaking projects, and a strategic reserve.