HOUSE BILL No. 6114


     November 9, 2000, Introduced by Rep. Vear and referred to the Committee on Tax Policy.


        A bill to amend 1975 PA 228, entitled

   "Single business tax act,"

   (MCL 208.1 to 208.145) by adding section 39d.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           SEC. 39D.  (1) FOR TAX YEARS THAT BEGIN AFTER DECEMBER 31,

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      2000 AND BEFORE JANUARY 1, 2006, A TAXPAYER MAY CLAIM A CREDIT

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      AGAINST THE TAX IMPOSED BY THIS ACT EQUAL TO THE AMOUNT PAID TO

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      THE UNITED STATES SMALL BUSINESS ADMINISTRATION AS A GUARANTY FEE

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      PURSUANT TO 13 C.F.R. 120.220, IN THE TAX YEAR IN WHICH THE

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      AMOUNT WAS PAID OR IN A TAX YEAR THAT BEGINS NOT MORE THAN 60

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      MONTHS AFTER THE AMOUNT WAS PAID.

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           (2) IF THE CREDIT ALLOWED UNDER THIS SECTION FOR THE TAX

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      YEAR AND ANY UNUSED CARRYFORWARD OF THE CREDIT ALLOWED UNDER THIS

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      SECTION EXCEED THE TAX LIABILITY OF THE TAXPAYER FOR THE TAX

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      YEAR, THE EXCESS SHALL NOT BE REFUNDED BUT MAY BE CARRIED FORWARD


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      AS AN OFFSET TO THE TAX LIABILITY IN SUBSEQUENT TAX YEARS FOR 9

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      TAXABLE YEARS OR UNTIL THE EXCESS CREDIT IS USED UP, WHICHEVER

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      OCCURS FIRST.


















































   06647'00          Final page.                            RJA