MI HB6111

Limits business tax credits for alternative energy and low-grade hematite to tax years 2008, 2009, and 2010 only

Allows certified eligible taxpayers in alternative energy businesses to claim a nonrefundable credit equal to the lesser of: (a) the amount their current tax liability on qualified business activity exceeds their baseline 2001 tax liability, or (b) 10% of the increase in adjusted qualified business activity performed outside renaissance zones

Allows qualified alternative energy entities located in alternative energy zones to claim a refundable credit for payroll costs of qualified employees equal to the qualified payroll amount multiplied by the applicable tax rate

Allows taxpayers to claim a $1.00 per long ton credit for qualified low-grade hematite pellets consumed in pig iron or steel production, with unused credits carried forward for up to 5 years

Bill takes effect only upon enactment of 17 related bills (HB 5249, HB 6103-6119)