HOUSE BILL No. 5157

 

October 14, 2003, Introduced by Reps. Tobocman and Kolb and referred to the Committee on Tax Policy.

        

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                 A bill to amend 1975 PA 228, entitled                                             

                                                                                

    "Single business tax act,"                                                  

                                                                                

    (MCL 208.1 to 208.145) by adding section 37e.                               

                                                                                

                THE PEOPLE OF THE STATE OF MICHIGAN ENACT:                      

                                                                                

1       Sec. 37e.  (1) For tax years that begin after December 31,                  

                                                                                

2   2004 and before January 1, 2010, a taxpayer may claim a credit              

                                                                                

3   against the tax imposed by this act equal to 5% of the amount of            

                                                                                

4   qualified equity investment used to determine the taxpayer's new            

                                                                                

5   markets tax credit under section 45D of the internal revenue                

                                                                                

6   code.                                                                       

                                                                                

7       (2) The taxpayer's credit allowed under this section for a                  

                                                                                

8   tax year shall not exceed an amount equal to 2% of the taxpayer's           

                                                                                

9   liability for that tax year, as determined before claiming the              

                                                                                

10  credit under this section.                                                  

                                                                                

11      (3) The total of all credits allowed under this act shall                   

                                                                                


                                                                                

1   not exceed $10,000,000.00 for all tax years for which a credit              

                                                                                

2   under this section may be claimed.