Economic development: other; Michigan business tax act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 107, 111, 415, 419, 435 & 460 of 2007 PA 36 (MCL 208.1107 et seq.). TIE BAR WITH: SB 0631'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Michigan Business Tax Act to eliminate the Michigan Strategic Fund. It modifies sections related to tax credits, specifically concerning certified credits, gross receipts, and rehabilitation of historic resources. The changes primarily affect how certain tax credits are calculated and claimed, particularly for projects involving historic preservation and those utilizing tax voucher certificates.
Key provisions
- Eliminates the Michigan Strategic Fund.
- Updates definitions of ‘certified credit’ to reflect prior agreements.
- Modifies rules for calculating gross receipts, including exclusions for certain transactions.
- Adjusts the credit available for rehabilitation of historic resources, with specific criteria for eligibility.
- Allows for assignment of credits related to historic rehabilitation projects.
- Specifies limitations on the amount of tax vouchers that can be approved.
- Addresses the calculation of credits for partnerships, LLCs, and S corporations related to historic rehabilitation.
- Clarifies the definition of ‘qualified start-up business’.
Who is affected
- Taxpayers (businesses and individuals)
- Historic preservation organizations
- The Michigan Economic Development Corporation
- The Michigan State Housing Development Authority
- Investors in tax voucher certificates
Bill text
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- Senate Introduced Bill
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