Corporate income tax: rate; rate increase and earmark of increased revenue to school aid fund; provide for. Amends secs. 623 & 695 of 1967 PA 281 (MCL 206.623 & 206.695).

This bill proposes increasing Michigan's corporate income tax rate from 6.0% to 8.5% starting January 1, 2025, while also adjusting how certain income and expenses are calculated for tax purposes. The legislation mandates that the additional revenue generated by this rate increase be directed to the state school aid fund beginning in the 2025-2026 fiscal year, while a portion of total tax revenue will continue to support housing and other state funds. The bill also eliminates specific tax deductions related to oil and gas production and modifies rules regarding intangible assets and business losses. These changes directly affect corporations operating within Michigan and alter the state's revenue distribution priorities.