MI SB1276

Changes Michigan's state fiscal year from October 1 - September 30 to July 1 - June 30, effective only if Senate Bill No. 1281 is enacted into law.

For fiscal year 2008, if business tax revenue exceeds a base of $2,619,100,000 adjusted by 0.75% and inflation, 60% of excess shall be refunded to taxpayers pro rata and 40% deposited into the countercyclical budget and economic stabilization fund.

For fiscal year 2009 and thereafter, if business tax revenue (excluding chapter 2A revenue) exceeds the calculated base, 60% of excess refunds to taxpayers claiming credits under sections 403 or 405 and 40% deposits into the stabilization fund.

If revenue exceeds the applicable base by less than $5,000,000, the entire excess deposits into the stabilization fund with no refund.

Refunds are calculated pro rata based on taxpayer positive net cash payments in 2008, or based on credits claimed in the prior fiscal year for 2009 and later years.