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HB 6217

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).

2023-2024 Regular Session Introduced by Alabas Farhat

Michigan bill raising corporate income tax rate with increased revenue directed to school funding; currently in tax policy committee review.

bill electronically reproduced 12/03/2024
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Bill Summary · HB 6217

Legislative bill overview

HB 6217 would increase Michigan's corporate income tax rate and dedicate the additional revenue generated to the state's school aid fund. The bill modifies sections of Michigan's 1967 tax code that govern corporate income tax rates and revenue allocation.

Why is this important

Corporate income tax rates directly affect business tax obligations and state education funding levels. Michigan's education system relies significantly on state revenue, making changes to corporate tax policy a consequential decision affecting both business operations and school budgets statewide.

Potential points of contention

  • Business competitiveness concerns: Higher corporate tax rates may impact Michigan's ability to attract and retain businesses compared to neighboring states
  • Economic impact uncertainty: Debate over whether increased rates generate projected revenue or trigger business relocation/reduced investment
  • Education funding adequacy: Questions about whether earmarking additional revenue sufficiently addresses school funding needs or if broader fiscal reform is needed
  • Implementation timing: Concerns about retroactivity, transition periods, and how rate changes affect business planning

Compiled from official sources — confirm details with the bill’s official record.

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