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MI HB5757
Bill
Status
2/15/2022
Primary Sponsor
Yousef Rabhi
Click for details
AI Summary
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Establishes annual caps on Michigan Business Tax (MBT) certificated credits: $200,000,000 for fiscal year 2021-2022 and $100,000,000 for fiscal year 2022-2023 across sections 430, 431, 431a, 431b, 432, 434, and 450
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Repeals the entire Michigan Business Tax Act (2007 PA 36, MCL 208.1101 to 208.1601) effective October 1, 2023, making the tax no longer applicable to business activity in Michigan after September 30, 2023
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Makes technical clarification regarding "subchapter S corporation" treatment in business income calculations for partnerships and S corporations claiming MBT credits
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Specifies the October 10, 2019 effective date for a prior amendment regarding certain taxpayers' election to file under the MBT
Legislative Description
Michigan business tax: credits; amount of MEGA credits that may be claimed each fiscal year; limit, and repeal act. Amends sec. 500 of 2007 PA 36 (MCL 208.1500) & repeals 2007 PA 36 (MCL 208.1101 - 208.1601).
Michigan business tax: credits
Last Action
Bill Electronically Reproduced 02/16/2022
2/16/2022