Corporate income tax: credits; employer credit for paid organ donation leave; provide for. Amends secs. 30 & 623 of 1967 PA 281 (MCL 206.30 & 206.623) & adds secs. 279 & 679.

Eliminates the deduction for income derived from producing oil and gas and the corresponding expenses associated with that production.

Removes provisions that allowed taxpayers to add back certain related-party payments (royalties, interest) if specific conditions regarding arm's-length pricing or foreign treaties were met.

Updates references to the Internal Revenue Code sections used to calculate taxable income to reflect current federal law, replacing older section numbers with updated ones.

Changes the terminology from 'federal taxable income' to 'adjusted gross income' in several adjustment clauses to align with the bill's primary focus on individual income tax definitions.

Added new deductions for compensation received by Holocaust victims and for organ donation leave wages for employers.

Introduced a deduction for disabled veterans regarding the cancellation of student loans due to permanent disability.

Expanded the definition of 'senior citizen' deductions to include specific retirement and pension benefits not previously covered.

Created a new deduction for residents of federally recognized tribes for nonbusiness income earned while an intergovernmental agreement is in effect.

Removed the deduction for income and expenses related to producing oil and gas for both individual and corporate taxpayers.

Updated the definition of 'organ donor' to explicitly include individuals who donate bone marrow via peripheral blood stem cell apheresis.

Modified the corporate income tax base calculation to add back certain intercompany payments unless specific arm's-length pricing and nontax business purpose criteria are met.

Added various tax provisions effective for specific years, including deductions for ABLE savings accounts, first-time home buyer savings accounts, and qualified tips/overtime compensation.