HB 4334 Summary

• Prohibits the Michigan Economic Growth Authority from modifying or amending existing written agreements for certificated credits unless the modification reduces the net credit amount to the taxpayer, with limited exceptions for technical changes that do not increase the credit amount.

• Prevents the authority from extending the term for claiming a certificated credit under any circumstances through modifications or amendments to existing agreements.

• Allows taxpayers with certificated credits under sections 435 and 437 to elect to pay Michigan Business Tax instead of income tax in order to claim their credits, with requirements to continue filing and paying tax until credits are exhausted.

• Requires unitary business groups with certificated credits to file combined returns and claim credits as a group, with limited exceptions allowing certain members to file separately under specific conditions for advanced battery technology investments.

• Establishes a $25,000,000 annual cap for no more than 3 years on voucher certificate redemptions for taxpayers meeting employment requirements of 400 new jobs related to integrated battery cell production.