This bill amends the Income Tax Act of 1967 by modifying section 51f to include new provisions regarding the distribution of tax revenues. Specifically, it mandates that an amount equal to the withholding tax capture revenues attributable to certified new jobs must be deposited into the Good Jobs for Michigan Fund. The bill also introduces a new subsection that requires a similar deposit into the Workforce Development HOPE Zone Fund, which is designated for employees working within designated HOPE zones and is to be paid to qualified workforce development organizations under specific agreements.

Additionally, the bill clarifies definitions for terms such as "authorized business," "certified new jobs," and "withholding tax capture revenues," aligning them with definitions in the Michigan Strategic Fund Act. The language also specifies that the new provisions will only take effect if certain related Senate or House bills are enacted into law. Overall, the bill aims to enhance funding for job creation and workforce development initiatives in Michigan.

Statutes affected:
House Introduced Bill: 206.51