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MI SB1389

Bill

Official Source

Status

Introduced

6/15/2010

Primary Sponsor

Mark Jansen

Click for details

Origin

Senate

95th Legislature

AI Summary

  • Amends the Michigan Business Tax Act to expand the definition of "financial institution" to include federally chartered farm credit system institutions.

  • Adds farm credit system institutions to the list of entities classified as financial institutions alongside bank holding companies, national banks, state-chartered banks, and thrift institutions.

  • Makes the amendment retroactive and effective for taxes levied on and after January 1, 2008.

Legislative Description

Michigan business tax; financial institutions; definition of financial institutions; include federally chartered farm credit system institutions. Amends sec. 261 of 2007 PA 36 (MCL 208.1261).

Michigan business tax, financial institutions

Last Action

Referred To Committee On Finance

6/15/2010

Committee Referrals

Finance6/15/2010

Full Bill Text

No bill text available