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MI HB5937
Bill
Status
12/13/2024
Primary Sponsor
Cynthia Neeley
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AI Summary
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Allows taxpayers and the Michigan Strategic Fund to amend existing development agreements to terminate renaissance zone tax credits before the zone designation expires.
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Changes language in subsection (4) from "shall not be refunded" to "must not be refunded" for consistency in statutory drafting.
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Changes language in subsection (7) from "shall not be used" to "must not be used" regarding casino-related business activity exclusions.
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Adds "Michigan" to the title reference for the Gaming Control and Revenue Act in subsection (9)(b) and capitalizes "Gaming Control" and "Revenue Act."
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Adds "subchapter" before "S corporation" in subsection (9)(a)(ii) to clarify the type of pass-through entity eligible for specific credit calculations.
Legislative Description
Michigan business tax: credits; early termination of credit for a business located in a renaissance zone; allow. Amends sec. 433 of 2007 PA 36 (MCL 208.1433).
Michigan business tax: credits
Last Action
Referred To Committee On Government Operations
12/18/2024