September 23, 2007, Introduced by Senators BASHAM, ANDERSON, GLEASON, SCHAUER and JACOBS and referred to the Committee on Finance.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
(MCL 208.1101 to 208.1601) by adding section 451.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 451. (1) A taxpayer may claim a credit against the tax
imposed by this act equal to the cost of purchasing or constructing
carbon dioxide capture machinery or equipment.
(2) If the amount of the credit allowed under this section
exceeds the tax liability of the taxpayer for the tax year, that
portion of the credit that exceeds the tax liability shall not be
refunded.
(3) As used in this section, "carbon dioxide capture machinery
or equipment" means a carbon dioxide injection well, machinery or
equipment used to capture carbon dioxide from industrial and other
anthropogenic sources or to convert carbon dioxide into 1 or more
products, or machinery or equipment used to recover carbon dioxide
from sequestration.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 707 of the 94th Legislature is enacted into
law.