MI SB1573

Amends Section 431 of the Michigan Business Tax Act to modify tax credits for authorized businesses certified by the Michigan Economic Growth Authority.

Changes the refundability of excess credits for agreements entered into on or after December 1, 2010: excess credits will no longer be refunded but instead carried forward or used to offset future tax liability.

Credits for agreements entered into before December 1, 2010 remain refundable if they exceed the taxpayer's tax liability for the year.

Limits new written agreements approved in 2011 and each year thereafter to a total cap of $19,000,000 in first-year credits (compared to $95,000,000 for 2010), distributed as: up to 3 credits of $3,000,000 each for businesses creating 500+ jobs, and up to 10 credits of $1,000,000 each for businesses creating 100+ jobs.

Establishes a December 31, 2013 deadline for initial certification; no credits may be claimed for certifications issued after that date.