SBT: INSURANCE COMPANIES
House Bill 4575
Sponsor: Rep. Paul Condino
Committee: Tax Policy
Complete to 4-23-03
A SUMMARY OF HOUSE BILL 4575 AS INTRODUCED 4-10-03
The bill would amend the Single Business Tax Act to specify that the tax as paid by insurance companies is not in lieu of taxes imposed under the General Sales Tax Act or taxes imposed under the Use Tax Act. The bill would take effect October 1, 2003.
Currently the act says the SBT as it applies to insurance companies "is in lieu of all other privilege or franchise fees or taxes imposed by any other law of this state, except taxes on real and personal property" [and except as otherwise provided in the SBT act and in the Insurance Code]. The bill would add the sales tax and use tax references to that provision.
MCL 208.22a
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This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.