MI HB5434

Allows insurers to credit against retaliatory taxes the amount they would be eligible to claim for qualified equity investments under Michigan's income tax act, effective for tax years beginning after December 31, 2013.

Clarifies that the qualified equity investment credit is unrelated to insurance business calculations and prohibits application of any other credits against the retaliatory tax imposed under this section.

Establishes requirements for domestic insurers to be treated as domestic rather than foreign/alien insurers, including maintaining principal place of business in Michigan, keeping knowledgeable personnel in-state, and conducting substantial insurance operations in Michigan.

Specifies that taxes collected are subject to provisions of the Michigan business tax act and income tax act, with administration by the state treasurer under 1941 PA 122.

Makes the bill contingent on enactment of Senate Bill No. ____ or House Bill No. 5435, indicating this is part of coordinated legislation.