MBT CREDIT: PUBLIC EXHIBITION H.B. 6524 (S-1):
COMMITTEE SUMMARY
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House Bill 6524 (Substitute S-1 as reported)
Sponsor: Representative Barbara Farrah
House Committee: Tax Policy
Senate Committee: Finance
CONTENT
The bill would amend the Michigan Business Tax Act to allow a qualified taxpayer to claim a credit against the MBT equal to 50% of the taxpayer's liability under the Act or $200,000, whichever was less. "Qualified taxpayer" would mean a taxpayer that owns, operates, or controls an exhibition in this State that is open to the public and satisfies all of the following:
-- The exhibition promotes, advertises, or displays the design or concept of products that are designed, manufactured, or produced, in whole or in part, in this State and are available for sale to the general public.
-- The exhibition uses more that 100,000 square feet of floor space.
-- The exhibition is open to the general public for at least seven consecutive days in a calendar year.
-- General public attendance during the entire exhibition exceeds 500,000.
-- More than 3,000 credentialed journalists, including international journalists, attend the exhibition.
Proposed MCL 208.1446 Legislative Analyst: Craig Laurie
FISCAL IMPACT
The bill would reduce State General Fund revenue by $0.2 million or less per year. The bill would have no impact on State expenditures or on local units.
Date Completed: 12-9-08 Fiscal Analyst: David Zin
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb6524/0708