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MI HB6112
Bill
Status
5/4/2010
Primary Sponsor
Larry DeShazor
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AI Summary
HB 6112 Summary
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Amends the Michigan Business Tax Act to modify Section 431 regarding credits for authorized businesses certified by the Michigan Economic Growth Authority.
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Prohibits the Michigan Economic Growth Authority from entering into new agreements for credits after December 31, 2010, and from certifying credits based on agreements entered after that date.
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Prevents taxpayers from claiming credits if their initial certification is issued after December 31, 2013, effectively creating a sunset for new credit eligibility.
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Requires taxpayers who remove 51% or more of qualified new jobs from Michigan within 3 years to repay all credits claimed, with repayment due within 12 months of job removal.
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Makes the bill effective only upon enactment of 16 companion bills (HB 5249, HB 6103-6111, HB 6113-6119).
Legislative Description
Michigan business tax; credit; Michigan economic growth authority credits; sunset new agreements. Amends sec. 431 of 2007 PA 36 (MCL 208.1431). 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 6110'10, HB 6111'10, 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