MI SB1096

Requires all written agreements and amendments 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.

Mandates that the penalty provision 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.

Requires written agreements to include a provision where the taxpayer consents to Michigan court jurisdiction for collection and enforcement of penalties described in the bill.

Applies to all written agreements or amendments entered into after the effective date of this amendatory act.