Annual Report
2024
2024 LEGISLATIVE REPORT

1. Sales Tax for Sister Affiliated Companies
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Governor Reynolds signed House File 664, our legislation that is an Act exempting certain leases or rentals between affiliates from the sales and use tax and from the fee for new vehicle registration and including effective date and retroactive applicability provisions.
2. MEGA Site Attraction Program
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Governor Reynolds signed Senate File 574, an Act relating to programs administered by the economic development authority by establishing the economic growth attraction program, modifying the certified site and high-quality jobs programs, making appropriations, providing penalties, and including effective date provisions.
3. Tax Reform
Governor Reynolds signed two significant pieces of income tax reform that MBI supported including:
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Accelerating Tax Cuts to flatten income tax rate to 3.8% and be implemented next year in 2025.
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Constitutional amendment requiring a higher threshold to increase future taxes.
4. RIIF Funding
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The legislature again demonstrated a strong commitment to vertical infrastructure funding needs but still showed there is room to improve to ensure that all expenditures meet the definition of vertical infrastructure.