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MI HB6119
Bill
Status
5/4/2010
Primary Sponsor
Larry DeShazor
Click for details
AI Summary
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Limits the private equity fund manager credit under Michigan's business tax to the 2008, 2009, and 2010 tax years only, creating a sunset provision for the credit after 2010.
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Eligible taxpayers (private equity funds) may claim a tax credit equal to their tax liability multiplied by a fraction representing in-state activity divided by total activity.
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Defines eligible taxpayer as a private equity fund that invests in non-publicly listed securities on behalf of accredited investors or qualified purchasers.
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Bases the location of fund manager activity on the office from which management activity is conducted for the eligible taxpayer.
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Bill is conditioned on the enactment of 16 related bills (HB 5249, HB 6103-6118) and will not take effect unless all referenced bills are enacted into law.
Legislative Description
Michigan business tax; credit; private equity fund credit; sunset. Amends sec. 453 of 2007 PA 36 (MCL 208.1453). 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 6112'10, HB 6113'10, HB 6114'10, HB 6115'10, HB 6116'10, HB 6117'10, HB 6118'10
Michigan business tax, credit
Last Action
Printed Bill Filed 05/05/2010
5/5/2010