HB 4475 Summary

• Amends the revenue collection procedures in Michigan's tax administration law to modify notice requirements, compromise restrictions, and confidentiality provisions for tax information.

• Capitalizes "Department of Treasury" when referring to the U.S. Department of Treasury in provisions allowing disclosure of tax information to federal officers and in reciprocal tax agreements.

• Requires the Department of Treasury to annually report statistics on the Michigan Business Tax Act broken down by business sector and firm size, including tax bases, liabilities, and credit usage, while maintaining taxpayer confidentiality.

• Establishes new quarterly and semi-annual reporting requirements to the legislature and governor regarding certificated tax credits claimed under sections 430, 431, 431a, 431b, 431c, 432, 434, and 450 of the Michigan Business Tax Act, including business names, certificate numbers, and tax liability information.

• Specifies that initial reports on certificated credits must include information on credits claimed after December 31, 2007, and defines terms related to casino gaming tax reporting.