HB 4189 Summary

• Amends the Michigan Business Tax Act (2007 PA 36) to allow certain taxpayers with certificated credits to elect filing under the business tax rather than the corporate income tax.

• Expands eligibility for the election to include taxpayers who acquired certificated credits through modification of existing written agreements approved by the Michigan strategic fund board as of November 27, 2018.

• Permits taxpayers electing to file under the business tax to claim additional certificated credits they would be eligible for in the same tax year, while restricting credits that would have accrued in prior years.

• Establishes a $25,000,000 per year maximum for voucher certificate redemptions under specified battery-related employment agreements for no more than 3 years, with a requirement to create 100 additional jobs for a total of 400 new jobs.

• Repeals the Michigan Business Tax Act effective for tax years beginning after December 31, 2031; retroactively effective for tax years beginning after December 31, 2017, contingent on enactment of HB 4190 and HB 4191.