MI HB5011

Requires taxpayers who claimed credits under former 1975 PA 228 or the 2007 Michigan business tax act to add back a percentage or entire amount of the credit to tax liability if they breach credit conditions or fail to comply with agreement terms.

Mandates recapture of credits if a taxpayer sells or moves property for which a credit was claimed fewer than 5 years after the year the credit was originally claimed.

Requires taxpayers who sold, transferred out of state, or disposed of tangible assets during the current tax year to add back calculated amounts based on gross proceeds, gains, losses, and apportionment factors multiplied by the credit rate used.

Applies recapture calculations separately to non-mobile tangible assets (using apportionment factors) and mobile tangible assets, as well as to federal basis of transferred assets removed from the state.

Effective retroactively for tax years beginning after December 31, 2011.