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MI HB5914
Bill
Status
9/21/2016
Primary Sponsor
Jon Hoadley
Click for details
AI Summary
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Adds Section 402 to the Michigan Business Tax Act requiring penalty provisions in all written tax credit agreements entered into after the bill's effective date.
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Requires taxpayers who relocate outside Michigan or fail to meet agreement requirements to add back the total amount of credits received to their tax liability in the year of relocation or non-compliance.
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Mandates that tax credit agreements include a provision where taxpayers consent to Michigan court jurisdiction for collection and enforcement of penalties under this section.
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
Bill Electronically Reproduced 09/21/2016
9/22/2016