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MI HB6110
Bill
Status
5/4/2010
Primary Sponsor
Larry DeShazor
Click for details
AI Summary
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Allows taxpayers issued tax voucher certificates under Michigan's early stage venture investment act to use vouchers to pay business tax liabilities for tax years beginning after December 31, 2008 and before January 1, 2011.
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Caps total tax voucher certificates approved at $450,000,000 to support the Michigan early stage venture investment corporation, with an aggregate cap of $600,000,000 across all related programs.
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Limits annual tax voucher usage to 25% of total approved vouchers per tax year and restricts the department from approving new certificates after December 31, 2010.
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Permits taxpayers to carry forward unused voucher amounts to future tax years and allows transfers of vouchers to other taxpayers under specified conditions.
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Takes effect only upon enactment of 17 companion bills (HB 5249, HB 6103-6119).
Legislative Description
Michigan business tax; credit; sunset on early stage venture investment credits; revise. Amends sec. 419 of 2007 PA 36 (MCL 208.1419). TIE BAR WITH: HB 5249'09, HB 6103'10, HB 6104'10, HB 6105'10, HB 6106'10, HB 6107'10, HB 6108'10, HB 6109'10, 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