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MI HB6106
Bill
Status
5/4/2010
Primary Sponsor
Brian Calley
Click for details
AI Summary
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Amends the Michigan Business Tax Act to modify the franchise tax rate for financial institutions with nexus in Michigan.
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Sets the franchise tax rate at 0.235% for tax years beginning after December 31, 2007 and before January 1, 2011.
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Reduces the franchise tax rate to 0.21% for tax years beginning after December 31, 2010.
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The franchise tax remains in lieu of the tax levied under Chapter 2 of the act.
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Bill is contingent on enactment of 16 related bills (HB 5249, HB 6103-6119) and will not take effect unless all are enacted into law.
Legislative Description
Michigan business tax; financial institutions; franchise tax rate; reduce. Amends sec. 263 of 2007 PA 36 (MCL 208.1263). TIE BAR WITH: HB 5249'09, HB 6103'10, HB 6104'10, HB 6105'10, 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, rate
Last Action
Printed Bill Filed 05/05/2010
5/5/2010