SB 913 amends Michigan law to remove the expiration date for a specific requirement to deposit tobacco settlement revenue into the 21st Century Jobs Trust Fund. This change ensures that $75 million of annual tobacco settlement funds must continue to be transferred to the trust through fiscal year 2026, rather than reverting to the state's general fund. The bill directly affects the state treasurer and the department of treasury by clarifying the long-term handling of these funds, which are used for investments and economic development projects. By eliminating the sunset provision, the legislation maintains the flow of money into the trust without altering the existing rules for how the funds are invested or disbursed.
Senate Bill 278 amends the State Housing Development Authority Act of 1966 to modify the Michigan Housing and Community Development Fund. It expands the fund's focus to include middle-income households and projects located in downtown areas or adjacent neighborhoods, in addition to existing support for low-income households. The bill revises how the fund's money is allocated, adding considerations for accessible housing and the availability of other funding sources for specific groups, while removing some previous earmarks for rental and homeownership projects. It also enhances public engagement requirements for the fund's biennial allocation plan, mandating virtual participation options and targeted outreach.
SB 967 amends Michigan's income tax law to establish a new state low-income housing tax credit effective for tax years beginning on or after January 1, 2027. This credit is designed for project owners and equity investors who have been allocated funds to support affordable housing developments, allowing them to reduce their state tax liability by the amount of the credit. The bill includes specific rules for claiming the credit, such as requiring the attachment of an allocation form to tax returns, and mandates that the credit be claimed after other tax credits. Additionally, the legislation requires the state department to recapture a portion of the credit from taxpayers if the related federal tax credit is later disallowed or recaptured. If the credit amount exceeds a taxpayer's tax liability for the year, the unused portion can be carried forward for up to 10 years to offset future taxes.
SB 968 amends Michigan's insurance code to allow insurers to claim a credit against a specific tax on foreign insurers that are subject to higher fees or taxes in their home states. This provision, effective for tax years starting on or after January 1, 2027, permits eligible insurers to offset the tax amount equal to the state low-income housing tax credit they would otherwise qualify for. The bill directly affects domestic insurance companies that operate in Michigan and are impacted by discriminatory or excessive tax burdens imposed by other states or countries. It is part of a series of related bills designed to promote interstate business for Michigan insurers while maintaining existing tax structures for those not meeting specific criteria.
Senate Bill 310 establishes the tri-share child care program within the Department of Lifelong Education, Advancement, and Potential, continuing a previous pilot project. It also creates a dedicated tri-share child care fund in the state treasury to support this program. The department will administer this fund, using appropriated money to oversee the program and provide funding to existing child care facilitator hubs. New hubs may also be funded if sufficient resources are available to expand coverage to more counties or serve statewide employers. This aims to support child care access for families and providers.
This bill creates a state income tax credit for owners of mobile home parks who sell their property to current residents or resident associations starting in 2026. To receive the credit, which equals 15% of the sale price, the seller must submit proof that they provided required notice to potential buyers and include the final settlement statement with their tax return. The credit can be claimed by individual owners or by members of flow-through entities that own the park, but any unused portion of the credit cannot be refunded. The legislation also clarifies that the credit only applies to sales made to people already living in the park or to their governing cooperative.
This bill establishes a supplemental appropriations act for Michigan state departments, agencies, the judicial branch, and the legislative branch for fiscal year 2025-2026. It authorizes funding for various state operations and includes conditions on how the appropriated funds may be spent. The legislation creates the legal framework for distributing and utilizing state money during the specified fiscal year.
This bill appropriates state funding for K-12 public schools, community colleges, and higher education institutions for the 2025-2027 fiscal years. It allocates specific dollar amounts from various state funds to support public school operations, including general funds, transportation, meals, and student support reserves, while also distributing $493 million to community colleges for operational expenses. The legislation establishes spending priorities that require general fund allocations to be used before state school aid funds, and directs any unspent general fund money to a stabilization fund at the end of each fiscal year.
This bill establishes funding for fiscal year 2026-2027 to support construction, renovation, demolition, and equipment projects for state buildings and facilities. It directly affects state agencies, institutions of higher education, community colleges, and the state building authority by authorizing capital outlay expenditures. The legislation creates an appropriation act to provide the necessary financial resources for these infrastructure projects during the specified fiscal year.
SB 553 amends Michigan's tax increment financing (TIF) law to allow municipalities to fund water resource improvements using TIF revenues. It specifically adds projects like lake management, shoreline protection, stormwater systems, invasive species control, and public access to inland lakes or rivers to the list of eligible TIF activities. Municipalities can now create authorities within designated "water resource improvement districts" (areas near lakes, rivers, or harbors) to finance these projects through captured tax revenues. The bill clarifies definitions for terms like "water resource improvement" and "water resource improvement district" to ensure TIF funds are properly applied to environmental and public access enhancements.
