Bill Text: MI HB4484 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Michigan business tax; credit; tax incentive for manufacturers of corn-burning stoves or boilers; provide for. Amends 2007 PA 36 (MCL 208.1101 - 208.1601) by adding sec. 432e.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-03-04 - Printed Bill Filed 03/04/2009 [HB4484 Detail]

Download: Michigan-2009-HB4484-Introduced.html

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HOUSE BILL No. 4484

 

March 3, 2009, Introduced by Rep. Espinoza and referred to the Committee on Energy and Technology.

 

     A bill to amend 2007 PA 36, entitled

 

"Michigan business tax act,"

 

(MCL 208.1101 to 208.1601) by adding section 432e.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 432e. (1) For the 1 tax year that begins after December

 

31, 2008 and before January 1, 2010, a taxpayer may claim a credit

 

against the tax imposed by this act equal to the cost of

 

manufacturing corn-burning stoves or boilers for residential use.

 

     (2) If the amount of the credit allowed under this section

 

exceeds the tax liability of the taxpayer for the tax year, that

 

portion of the credit that exceeds the tax liability shall not be

 

refunded.

 

     (3) As used in this section, "corn-burning stove or boiler"

 

means a stove or boiler designed specifically to utilize shelled

 

corn as fuel to be used to heat a residential property.