HB 5640

HOUSE BILL NO. 5640
A bill to amend 1941 PA 122, entitled
"An act to establish the revenue collection duties
of the department of treasury; to prescribe its powers and duties as the
revenue collection agency of this state; to prescribe certain powers and duties
of the state treasurer; to establish the collection duties of certain other
state departments for money or accounts owed to this state; to regulate the
importation, stamping, and disposition of certain tobacco products; to provide
for the transfer of powers and duties now vested in certain other state boards,
commissions, departments, and offices; to prescribe certain duties of and
require certain reports from the department of treasury; to provide procedures
for the payment, administration, audit, assessment, levy of interests or
penalties on, and appeals of taxes and tax liability; to prescribe its powers
and duties if an agreement to act as agent for a city to administer, collect,
and enforce the city income tax act on behalf of a city is entered into with
any city; to provide an appropriation; to abolish the state board of tax
administration; to prescribe penalties and provide remedies; and to declare the
effect of this act,"
by amending section 18 (MCL 205.18), as amended by 1998
PA 368.
the people of the state of michigan enact:
Sec. 18. (1) The department shall publish annually a report
containing statistical data on revenue collections made by the department
during the past fiscal year and may publish additional reports on a periodic
basis.
(2) Beginning January 1, 1999, revenue Revenue forecasting reports made by the department
under this act or made by the department as otherwise provided by law may
include dynamic revenue forecasting. As used in this subsection, "dynamic
revenue forecasting" means forecasting the direct impact of a tax law
change on revenues and the other effects of tax law changes on the behavior of
taxpayers and on overall economic activity.
(3) Beginning January 1, 2026, the department shall do both of the
following:
(a) Publish a monthly report on tariffs imposed in this state and the impact
of those tariffs on the economy of this state including, but not limited to,
the net fiscal impact of tariffs on revenue collections made by the department
during the previous month. As used in this subdivision, "tariffs"
means any tariff levied by the United States government on another nation on or
after January 20, 2025 or a tariff levied by a foreign government on the United
States on or after January 20, 2025.
(b) Submit a copy of the report required under this subsection to the
attorney general.