May 10, 2007, Introduced by Reps. Brown, Polidori, Meadows, Ebli, Bennett, Mayes, Espinoza, Angerer, Spade, LeBlanc, Hopgood, Coulouris, Byrum, Byrnes, Gillard, Johnson, Lemmons, Sak, Dean, Clemente, Young, Hammel, Vagnozzi, Hood, Kathleen Law and Cushingberry and referred to the Committee on Agriculture.
A bill to amend 1975 PA 228, entitled
"Single business tax act,"
(MCL 208.1 to 208.145) by adding section 33.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 33. (1) For the 2007 tax year, a qualified taxpayer that
utilizes innovative technologies may claim a credit against the tax
imposed by this act equal to 10% of the amount expended to
implement the new innovative technologies, not to exceed
$250,000.00 per tax year per each taxpayer.
(2) If the credit allowed under this section for the tax year
exceeds the tax liability of the taxpayer for the tax year, the
excess shall not be refunded.
(3) A taxpayer shall not claim a credit under this section
unless the taxpayer attaches receipts or other written
documentation approved by the department that is evidence of the
amount expended during the tax year to the annual return for which
the credit under this section is claimed.
(4) As used in this section:
(a) "Bioenergy" means heat or electricity produced from the
thermal, mechanical, or biological processing of biomass. Bioenergy
does not include heat or electricity produced from the direct
combustion of biomass.
(b) "Biofuels" means ethanol, biodiesel, butanol, or other
liquid fuels produced from biomass.
(c) "Biomass" means any organic matter that is available on a
renewable or recurring basis, including, but not limited to,
agricultural crops, certain trees and grasses, plants, wood
residues, forest industry residues, food processing wastes,
municipal solid wastes, and agricultural residues and wastes such
as cornstalks, corncobs, and manure.
(d) "Bioproducts" means industrial, commercial, or consumer
products made with, or composed in whole or in significant part of,
fibers, solid, liquid, or gaseous chemicals, proteins,
carbohydrates, lipids, minerals, or any other substance produced
from biomass.
(e) "Ethanol" means an alcohol with a molecular formula of
CH3CH2OH.
(f) "Ethanol plant" means a facility that produces ethanol
from corn kernels for use as fuel or fuel additive.
(g) "Innovative technologies" means technologies that reduce
the costs of converting corn into ethanol, that reduce energy
consumption used during the conversion of corn into ethanol, that
enable the co-processing of corn and other biomass into ethanol or
other biofuels, that increase the yield of ethanol, or that
facilitate the production of other useful biofuels, bioenergy, and
bioproducts.
(h) "Qualified taxpayer" means a taxpayer that owns and
operates a corn processing ethanol plant on the effective date of
the amendatory act that added this section.