MI SB0156

Amends Michigan Business Tax Act to clarify and modify definitions of "gross receipts," excluding various categories including bad debts phased in over 5 years (50% in 2008, increasing to 100% by 2012), certain agent transactions, insurance proceeds, and investment activities.

Revises sales apportionment rules under Section 305 to specify how receipts from tangible property, real property leases, services, loans, securities, and telecommunications are attributed to Michigan based on location, usage, or customer domicile.

Increases tax credit limitations in Section 403 from 50% to 52% of tax liability (starting 2009), modifies compensation credit rates from 0.296% to 0.370%, and adjusts capital investment credit calculations; provides special relief for electric and gas utilities.

Modifies Renaissance Zone tax credit in Section 403 to clarify eligible business activities and calculation methods, excluding casino-related operations and requiring annual return filings.

Creates refund claim process in Section 508 for overpayments resulting from amendments for tax years 2010-2013, allowing claims through December 31, 2015, with refunds paid in equal installments over 6 years starting 2016; repeals 1969 PA 343 effective January 1, 2008.