HOUSE BILL No. 6119

May 4, 2010, Introduced by Reps. Meltzer, Amash, McMillin, Agema, DeShazor, Haveman, Paul Scott, Green, Meekhof, Walsh, Daley, Crawford, Lund, Rogers, Kowall and Booher and referred to the Committee on Tax Policy.

A bill to amend 2007 PA 36, entitled

"Michigan business tax act,"

by amending section 453 (MCL 208.1453), as added by 2007 PA 206.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

Sec. 453. (1) An For the 2008, 2009, and 2010 tax years, an

eligible taxpayer may claim a credit against the tax imposed by

this act equal to the eligible taxpayer's tax liability

attributable to the activities as an eligible taxpayer for the tax

year after claiming any other credits allowed under this act

multiplied by a fraction, the numerator of which is the total

activity of the private equity fund manager conducted in this state

during the tax year and the denominator of which is the total

activity of the private equity fund manager conducted everywhere

during the tax year.

(2) For purposes of this section, the location of the activity

of the private equity fund manager is based on the location of the

office from which the fund manager conducts management activity for

the eligible taxpayer.

(3) As used in this section:

(a) "Accredited investor" means that term as defined under

section 2 of the securities act of 1933, 15 USC 77b.

(b) "Eligible taxpayer" means a taxpayer that is a private

equity fund which serves as a conduit for the investment of private

securities not listed on a public exchange by accredited investors

or qualified purchasers at any time during which the investment is

acquired or subsequently used to claim the credit under this

section.

responsible for the management of the investments of the eligible

taxpayer.

(d) "Qualified purchaser" means that term as defined under

section 2 of the investment company act of 1940, 15 USC 80a-2.

Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 95th Legislature are

enacted into law:

(a) House Bill No. 5249.

(b) Senate Bill No.____ or House Bill No. 6104(request no.

04275'09).

05669'09).

(d) Senate Bill No.____ or House Bill No. 6105(request no.

05670'09).

(e) Senate Bill No.____ or House Bill No. 6106(request no.

05671'09).

(f) Senate Bill No.____ or House Bill No. 6107(request no.

05672'09).

(g) Senate Bill No.____ or House Bill No. 6112(request no.

05673'09).

(h) Senate Bill No.____ or House Bill No. 6113(request no.

05675'09*).

(i) Senate Bill No.____ or House Bill No. 6109(request no.

05676'09).

(j) Senate Bill No.____ or House Bill No. 6110(request no.

05677'09).

(k) Senate Bill No.____ or House Bill No. 6116(request no.

05678'09).

(l) Senate Bill No.____ or House Bill No. 6114(request no.

05679'09).

(m) Senate Bill No.____ or House Bill No. 6117(request no.

05680'09).

(n) Senate Bill No.____ or House Bill No. 6108(request no.

05681'09).

(o) Senate Bill No.____ or House Bill No. 6111(request no.

05931'10).

(p) Senate Bill No.____ or House Bill No. 6115(request no.

05932'10).