HB 4550 Summary

• Amends Michigan's brownfield redevelopment tax credit under the Michigan Business Tax Act to add a compliance requirement with the Michigan Corporate Responsibility Act for tax years beginning on or after April 1, 2010.

• Disqualifies otherwise eligible taxpayers from claiming brownfield redevelopment credits if they fail to comply with the Michigan Corporate Responsibility Act or fail to disclose required civil or criminal offenses.

• The disqualification applies only to the original qualified taxpayer claiming the credit and does not apply to assignees of credits under the brownfield redevelopment program.

• Reorganizes and renumbers subsections (32) through (33) to become (33) through (34) to accommodate the new corporate responsibility compliance requirement.