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MI SB1005
Bill
AI Summary
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Requires all written agreements for tax credits under the Michigan Business Tax Act to include a penalty provision if a taxpayer relocates outside Michigan or fails to meet agreement requirements during the agreement term.
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Mandates that the penalty requires taxpayers to add back the total amount of credits received to their tax liability in the year they relocate out of state or fail to comply with the agreement.
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Requires taxpayers to consent to Michigan court jurisdiction for collection and enforcement of penalties related to tax credit recapture.
Legislative Description
Michigan business tax; credits; recapture of tax credits for businesses relocating out of this state; provide for. Amends 2007 PA 36 (MCL 208.1101 - 208.1601) by adding sec. 402.
Michigan business tax, credits
Last Action
Referred To Committee On Finance
6/12/2014