The bill amends the existing law regarding the revenue collection duties of the Department of Treasury in Michigan. It introduces a requirement for the department to publish an annual report detailing statistical data on revenue collections from the previous fiscal year, with the option to release additional reports periodically. Furthermore, it updates the language concerning revenue forecasting reports to include "dynamic revenue forecasting," which assesses the direct impact of tax law changes on revenues and taxpayer behavior.

Additionally, starting January 1, 2026, the bill mandates the department to publish a monthly report on tariffs imposed in the state and their economic impact, including the net fiscal effect on revenue collections from the previous month. This report will cover tariffs levied by the U.S. government on other nations or by foreign governments on the U.S. after January 20, 2025, and a copy of the report must be submitted to the attorney general.

Statutes affected:
House Introduced Bill: 205.18