MI SB1498

Establishes a tax credit of $1.00 per long ton of qualified low-grade hematite consumed in industrial or manufacturing processes for pig iron or steel production.

Allows unused carryforwards from credits under the former 1975 PA 228 to be claimed against taxes under the current act for the years they would have been available.

Permits excess credits that exceed tax liability to be carried forward as offsets for 5 subsequent tax years or until the credit is exhausted.

Allows taxpayers to assign all or a portion of their credit to other parties on forms prescribed by the Michigan Economic Growth Authority, with the assignment being irrevocable.

Defines qualified low-grade hematite as pellets produced from low-grade hematitic iron ore mined in the United States, with credits applying to hematite consumed on or after January 1, 2000.