This bill amends the Income Tax Act of 1967 by outlining the allocation of revenue collected from state taxes for the fiscal years 2022-2023 through 2029-2030. It specifies that up to $1.2 billion will be allocated to the general fund each year, with additional funds directed to various programs if available. For the fiscal years 2022-2023 and 2023-2024, after the general fund allocation, up to $50 million will be allocated to the Michigan housing and community development fund, and up to $50 million to the revitalization and placemaking fund. The bill also introduces a strategic outreach and attraction reserve fund for the 2022-2023 and 2023-2024 fiscal years, with a maximum allocation of $500 million.

In subsequent fiscal years, the bill continues to allocate funds to the general fund and the Michigan housing and community development fund, while adjusting the amounts designated for the neighborhood roads fund. Notably, the term "road" is replaced with "roads" in the allocations for the neighborhood roads fund. The bill also includes a provision that it will not take effect unless House Bill No. 5294 is enacted into law.

Statutes affected:
House Introduced Bill: 206.695