Individual income tax: revenue distributions; deposit into the good jobs for Michigan fund; revise to reflect the name change of the fund. Amends secs. 51f & 711 of 1967 PA 281 (MCL 206.51f & 206.711). TIE BAR WITH: SB 0579'23, SB 0580'23

This bill updates the Michigan Income Tax Act to rename the "Good Jobs for Michigan Fund" to the "Good Jobs for High-Wage Incentive for Regional Employment in Michigan Fund" and clarifies how tax revenues from certified new jobs are deposited into this renamed account. It also revises reporting requirements for employers, mandating that those with more than 250 employees file annual tax returns electronically and requiring specific breakdowns in reports for businesses participating in community college training agreements or the Good Jobs program. Additionally, the legislation adjusts the deadline for issuing tax statements to employees when an employer permanently ceases operations, shortening the timeframe from the end of the calendar year to 30 days after the final payment is made. These changes are contingent upon the simultaneous enactment of two companion bills, SB 579 and SB 580.