Bill Text: MI SB0544 | 2009-2010 | 95th Legislature | Introduced
Bill Title: Taxation; administration; reporting to the legislature on new markets tax credit; require. Amends 1941 PA 122 (MCL 205.1 - 205.31) by adding sec. 18a. TIE BAR WITH: HB 4176'09
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2009-05-07 - Referred To Committee On Finance [SB0544 Detail]
Download: Michigan-2009-SB0544-Introduced.html
SENATE BILL No. 544
May 7, 2009, Introduced by Senators RICHARDVILLE and SANBORN and referred to the Committee on Finance.
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,"
(MCL 205.1 to 205.31) by adding section 18a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 18a. The department shall report to both houses of the
legislature before July 1, 2013 and biannually thereafter on the
activities of the department regarding the new markets tax credits
allowed under section 465 of the Michigan business tax act, 2007 PA
36, MCL 208.1465, section 279 of the income tax act of 1967, 1967
PA 281, MCL 206.279, and section 476a of the insurance code of
1956, 1956 PA 218, MCL 500.476a. The report shall include, but is
not limited to, all of the following:
(a) The total combined amount of qualified equity investments
attracted under section 465 of the Michigan business tax act, 2007
PA 36, MCL 208.1465, section 279 of the income tax act of 1967,
1967 PA 281, MCL 206.279, and section 476a of the insurance code of
1956, 1956 PA 218, MCL 500.476a.
(b) The total number of taxpayers that claimed a credit under
section 465 of the Michigan business tax act, 2007 PA 36, MCL
208.1465, section 279 of the income tax act of 1967, 1967 PA 281,
MCL 206.279, and section 476a of the insurance code of 1956, 1956
PA 218, MCL 500.476a.
(c) The total amount of credits awarded under section 465 of
the Michigan business tax act, 2007 PA 36, MCL 208.1465, section
279 of the income tax act of 1967, 1967 PA 281, MCL 206.279, and
section 476a of the insurance code of 1956, 1956 PA 218, MCL
500.476a.
(d) Name and location of all taxpayers and qualified community
development entities seeking authorization for credits under
section 465 of the Michigan business tax act, 2007 PA 36, MCL
208.1465, section 279 of the income tax act of 1967, 1967 PA 281,
MCL 206.279, and section 476a of the insurance code of 1956, 1956
PA 218, MCL 500.476a.
(e) The amount of the tax credit allowed for each taxpayer.
Enacting section 1. This amendatory act does not take effect
Unless House Bill No. 4176
of the 95th Legislature is enacted into law.
