March 30, 2004, Introduced by Reps. Amos, Meyer, Taub, Nitz, Voorhees, Shackleton, Emmons, Palmer, Vander Veen, Garfield, Stahl, Ward, Gaffney, Ruth Johnson, Bisbee, LaJoy, Robertson, Howell, Wenke, Palsrok, Newell, Huizenga, Hune, Phillips, O'Neil, Sak, Jamnick, Accavitti, Wojno, Cheeks, Hopgood, Casperson and Daniels and referred to the Committee on Agriculture and Resource Management.
A bill to amend 1975 PA 228, entitled
"Single business tax act,"
(MCL 208.1 to 208.145) by adding section 37g.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 37g. (1) For tax years that begin after December 31,
2 2003, a taxpayer who sells trees to replace ash trees infested
3 with emerald ash borer to a municipality for less than the market
4 price of the trees may claim a credit against the tax imposed by
5 this act equal to the difference between the market price of the
6 replacement trees and the amount paid by the municipality for the
7 replacement trees or $10,000.00, whichever is less.
8 (2) If the credit allowed under this section for the tax year
9 and any unused carryforward of the credit allowed under this
10 section exceed the tax liability of the taxpayer for the tax
11 year, the excess shall not be refunded, but may be carried
1 forward as an offset to the tax liability in subsequent tax years
2 for 10 tax years or until the excess credit is used up, whichever
3 occurs first.