Bill Text: MI HB5248 | 2009-2010 | 95th Legislature | Introduced
Bill Title: Income tax; credit; qualified film production credit; repeal. Amends sec. 367 of 1967 PA 281 (MCL 206.367) & repeals sec. 367 of 1967 PA 281 (MCL 206.367).
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2009-08-26 - Reassign To Committee On Commerce 08/20/2009 [HB5248 Detail]
Download: Michigan-2009-HB5248-Introduced.html
HOUSE BILL No. 5248
August 19, 2009, Introduced by Reps. McMillin and Lund and referred to the Committee on Families and Children's Services.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 367 (MCL 206.367), as added by 2008 PA 79; and
to repeal acts and parts of acts.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
367. (1) An For tax years
that begin before April 1,
2009, an eligible production company may claim a credit for a state
certified qualified production against the tax deducted and
withheld under this chapter equal to the amount of the credit the
eligible production company is eligible to claim for the state
certified qualified production under section 455 of the Michigan
business tax act, 2007 PA 36, MCL 208.1455. An eligible production
company shall not claim a credit under this section for any of the
following:
(a) A credit or portion of a credit the eligible production
company claims under section 455 of the Michigan business tax act,
2007 PA 36, MCL 208.1455.
(b) A credit or portion of a credit that another taxpayer
claims under this section or under section 455 of the Michigan
business tax act, 2007 PA 36, MCL 208.1455.
(2) The credit allowed under this section shall not exceed the
tax liability of the eligible production company under this act for
the tax year. The credit under this section shall be claimed after
all other credits under this act.
(3) The amount of the credit under this section shall be
reduced by a credit application and redemption fee equal to 0.5% of
the credit claimed, which shall be paid by the taxpayer claiming
the credit and be deposited by the department in the Michigan film
promotion fund.
(4) To the extent not withheld by a professional services
corporation or professional employer organization, payments to the
professional services corporation or professional employer
organization for the services of a performing artist or a crew
member that qualify for the credit under this section or section
455 of the Michigan business tax act, 2007 PA 36, MCL 208.1455, are
subject to withholding by the eligible production company as
provided under section 351.
(5) As used in this section, "eligible production company",
"Michigan film promotion fund", and "state certified qualified
production" mean those terms as defined under section 455 of the
Michigan business tax act, 2007 PA 36, MCL 208.1455.
Enacting section 1. Section 367 of the income tax act of 1967,
1967 PA 281, MCL 206.367, is repealed effective December 31, 2009.
