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MI HB6103
Bill
Status
5/4/2010
Primary Sponsor
Brian Calley
Click for details
AI Summary
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Reduces the modified gross receipts tax rate from 0.80% to 0.50% for tax years beginning after December 31, 2010.
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Maintains the 0.80% tax rate for tax years between January 1, 2008 and December 31, 2010.
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Changes credit limitations from applying to "each tax year after 2009" to applying only to "the 2010 tax year," effectively sunsetting credits after 2010.
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Increases the compensation credit rate from 0.296% to 0.370% and the investment credit rate from 2.32% to 2.9% for tax years 2009 and 2010.
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Bill only takes effect if all 17 companion bills (HB 5249, HB 6104-6119) are enacted into law.
Legislative Description
Michigan business tax; rate; modified gross receipts tax rate and compensation and investment tax credits; reduce rate and sunset credits. Amends secs. 203 & 403 of 2007 PA 36 (MCL 208.1203 & 208.1403). TIE BAR WITH: HB 5249'09, HB 6104'10, HB 6105'10, HB 6106'10, HB 6107'10, HB 6108'10, HB 6109'10, HB 6110'10, HB 6111'10, HB 6112'10, HB 6113'10, HB 6114'10, HB 6115'10, HB 6116'10, HB 6117'10, HB 6118'10, HB 6119'10
Michigan business tax, credit
Last Action
Printed Bill Filed 05/05/2010
5/5/2010