Corporate income tax: credits; ability to claim certain certificated credits against corporate income tax liability; provide for, and repeal Michigan business tax act. Amends secs. 605 & 680 of 1967 PA 281 (MCL 206.605 & 206.680); adds sec. 670 & repeals 2007 PA 36 (MCL 208.1101 - 208.1519). TIE BAR WITH: HB 5293'25

This bill allows businesses in Michigan to claim certain tax credits against their corporate income tax liability. It also seeks to repeal the existing Michigan Business Tax Act, which was established in 2007. Essentially, it aims to simplify the tax credit process for corporations and update the tax framework in the state.

Supporters of the bill argue that it will encourage business growth and investment in Michigan by making the tax system more favorable for corporations. By streamlining tax credits, they believe it will incentivize companies to expand and create jobs, ultimately benefiting the state's economy.

Critics contend that repealing the Michigan Business Tax Act could reduce revenue for essential public services and undermine the state's ability to fund education and infrastructure. They argue that the proposed tax credits primarily benefit larger corporations at the expense of smaller businesses and taxpayers.