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MI HB5656

Bill

Official Source

Status

Introduced

5/22/2012

Primary Sponsor

Lisa Brown

Click for details

Origin

House of Representatives

96th Legislature

AI Summary

  • Adds Section 515a to the Michigan Business Tax Act (2007 PA 36) effective in fiscal year 2012-2013 and all subsequent fiscal years
  • Directs any additional revenue collected from repayment provisions in sections 430(6), 431(6), 431a(4), 431c(5), 434(9), 435(10) and (11), and 460(5) to be distributed to the school aid fund
  • These repayment provisions relate to recapture and clawback of business tax credits when taxpayers fail to meet requirements or conditions of those credits
  • Establishes an ongoing revenue stream to schools from tax credit enforcement and recovery mechanisms

Legislative Description

Michigan business tax; credits; distribution of revenue from recapture and clawback provisions; earmark into school aid fund. Amends 2007 PA 36 (MCL 208.1101 - 208.1601) by adding sec. 515a.

School aid, other

Last Action

Printed Bill Filed 05/23/2012

5/23/2012

Committee Referrals

Appropriations5/22/2012

Full Bill Text

No bill text available