Corporate income tax: revenue distribution; revenue distributions; modify. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 695a & repeals sec. 695 of 1967 PA 281 (MCL 206.695). TIE BAR WITH: SB 0559'23, SB 0562'23, HB 5770'24, HB 5769'24

This bill modifies how Michigan distributes revenue collected from the corporate income tax, establishing a specific allocation plan for the years 2025 through 2035. Under the new rules, funds are prioritized to support the general fund, housing initiatives, local revitalization projects, transportation improvements, and economic development programs before any remaining money goes back to the general fund. The legislation also repeals an older section of the tax act and includes a condition that it will only become effective if several related bills are passed into law.