Bill Text: MI SB0790 | 2011-2012 | 96th Legislature | Engrossed

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Bill Title: Income tax; income; reference to new income tax credit; include. Amends sec. 9 of 1996 PA 376 (MCL 125.2689). TIE BAR WITH: SB 0748'11

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2012-01-17 - Re-referred To Committee On Tax Policy [SB0790 Detail]

Download: Michigan-2011-SB0790-Engrossed.html

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SB-0790, As Passed Senate, November 29, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 790

 

 

November 1, 2011, Introduced by Senator HILDENBRAND and referred to the Committee on Finance.

 

 

 

     A bill to amend 1996 PA 376, entitled

 

"Michigan renaissance zone act,"

 

by amending section 9 (MCL 125.2689), as amended by 2008 PA 495.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 9. (1) Except as otherwise provided in section 10, an

 

individual who is a resident of a renaissance zone or a business

 

that is located and conducts business activity within a renaissance

 

zone shall receive the exemption, deduction, or credit as provided

 

in the following for the period provided under section 6(2)(b):

 

     (a) Section 39b of former 1975 PA 228 or section 433 of the

 

Michigan business tax act, 2007 PA 36, MCL 208.1433.

 

     (b) Section 31 or 31a of the income tax act of 1967, 1967 PA

 

281, MCL 206.31 and 206.31a.

 

     (c) Section 35 of chapter 2 of the city income tax act, 1964

 

PA 284, MCL 141.635.

 

     (d) Section 5 of the city utility users tax act, 1990 PA 100,

 

MCL 141.1155.

 

     (2) Except as otherwise provided in section 10, property

 

located in a renaissance zone is exempt from the collection of

 

taxes under all of the following:

 

     (a) Section 7ff of the general property tax act, 1893 PA 206,

 

MCL 211.7ff.

 

     (b) Section 11 of 1974 PA 198, MCL 207.561.

 

     (c) Section 12 of the commercial redevelopment act, 1978 PA

 

255, MCL 207.662.

 

     (d) Section 21c of the enterprise zone act, 1985 PA 224, MCL

 

125.2121c.

 

     (e) Section 1 of 1953 PA 189, MCL 211.181.

 

     (f) Section 12 of the technology park development act, 1984 PA

 

385, MCL 207.712.

 

     (g) Section 51105 of the natural resources and environmental

 

protection act, 1994 PA 451, MCL 324.51105.

 

     (h) Section 9 of the neighborhood enterprise zone act, 1992 PA

 

147, MCL 207.779.

 

     (3) During the last 3 years that the taxpayer is eligible for

 

an exemption, deduction, or credit described in subsections (1) and

 

(2), the exemption, deduction, or credit shall be reduced by the

 

following percentages:

 

     (a) For the tax year that is 2 years before the final year of

 

designation as a renaissance zone, the percentage shall be 25%.

 

     (b) For the tax year immediately preceding the final year of

 

designation as a renaissance zone, the percentage shall be 50%.

 

     (c) For the tax year that is the final year of designation as

 

a renaissance zone, the percentage shall be 75%.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. 748 of the 96th Legislature is enacted into

 

law.