This bill amends the Income Tax Act of 1967, specifically section 695, to outline the distribution of revenue collected from state taxes for the fiscal years 2021-2022 through 2025-2026 and beyond. For the 2021-2022 fiscal year, it mandates that $800 million of the revenue be appropriated to the Michigan taxpayer rebate fund, with the remainder going to the general fund. From the 2022-2023 to the 2024-2025 fiscal years, the bill specifies a tiered distribution of funds, allocating up to $1.2 billion to the general fund, followed by amounts to various development and revitalization funds, with any remaining revenue also directed to the general fund.

Starting in the 2025-2026 fiscal year, the bill introduces new provisions for revenue allocation. It requires $50 million to be deposited into the Michigan housing and community development fund, and after that, it allocates a minimum of $250,000 or a sufficient amount for NASA-related programs to the Michigan strategic fund, which will support the Michigan space grant consortium. The remaining revenue after these allocations will also be directed to the general fund. This restructuring aims to enhance funding for housing, community development, and educational opportunities related to space programs in Michigan.

Statutes affected:
Senate Introduced Bill: 206.695