The bill amends the Income Tax Act of 1967 by adding a new section, 471a, which mandates the Department of Treasury to provide a single-page revenue report to each taxpayer filing an annual return, starting with the 2025 tax year. This report will be sent by mail and will include essential information regarding individual income tax revenue collection and distribution for the most recently completed state fiscal year.

The report must detail total revenues collected from various sources, including wage and salary withholdings, quarterly payments, flow-through entity tax, and annual payments, along with the total amount of refunds issued. Additionally, it will outline the total distributions to several funds, such as the General Fund, School Aid Fund, Michigan Transportation Fund, Renew Michigan Fund, and the State Campaign Fund. This initiative aims to enhance transparency and provide taxpayers with a clearer understanding of how their income tax contributions are utilized.

Statutes affected:
House Introduced Bill: 206.1, 206.847