MI HB6012

Exempts qualified taxpayers subject to the nonferrous metallic minerals extraction severance tax from Michigan's income tax on mineral-derived income and related expenses for tax years beginning after December 31, 2012.

Adds section 31b to the income tax act to eliminate mineral income and mineral-related expenses from taxable income calculations for qualified taxpayers starting in the 2013 tax year and thereafter.

Amends section 623 to add subsection (h), which excludes mineral income and mineral-related deductions for qualified taxpayers in tax years beginning after December 31, 2012.

Defines "mineral" by reference to the nonferrous metallic minerals extraction severance tax act and "qualified taxpayer" as those subject to that severance tax.

Effective December 20, 2012, contingent upon House Bill 6008 being enacted into law.