This bill amends the Income Tax Act of 1967 by adding a new section, 51i, which mandates that from the revenue collected under section 51, a minimum of $30,000,000.00 must be deposited into the 21st Century Jobs Trust Fund for each state fiscal year from 2026-2027 through 2030-2031. This addition is intended to support job creation and economic development initiatives in Michigan.

Additionally, the bill makes several deletions to section 695, which outlines the distribution of tax revenues for various funds. Notably, it removes specific allocations to the Michigan Housing and Community Development Fund, the Revitalization and Placemaking Fund, and the Strategic Outreach and Attraction Reserve Fund for certain fiscal years, while also adjusting the amounts allocated to the Neighborhood Roads Fund. The changes reflect a shift in funding priorities, emphasizing the importance of the 21st Century Jobs Trust Fund in the upcoming years.

Statutes affected:
Senate Introduced Bill: 206.695