MI HB6288

Allows unused investment tax credits under the Michigan Business Tax Act to be carried forward for 10 years instead of being lost when credits exceed the annual cap in subsection (1).

Sets total combined credit caps at 50% of tax liability for the 2008 tax year and 52% for tax years 2009 and beyond, calculated before the surcharge under section 281.

Provides compensation credits of 0.296% (2008) and 0.370% (2009+) of taxpayer compensation in Michigan, subject to the annual caps.

Permits capital investment credits calculated at 2.32% (2008) and 2.9% (2009+) of net tangible asset costs, including provisions for assets transferred into or out of Michigan.

Provides special relief for electric and gas utility companies, increasing the 2008 credit cap from 50% to up to 80% of tax liability when investments in distribution assets would otherwise be denied due to the limitation.