MEGA/SBT TAX BREAKS - H.B. 5445: COMMITTEE SUMMARY

style="font-family: 'Verdana', monospace">House Bill 5445 (as passed by the House)

Sponsor: Representative Bill Huizenga

House Committee: Commerce

Senate Committee: Commerce and Labor

Date Completed: 3-1-04

CONTENT

The bill would amend the Single Business Tax (SBT) Act to change citations to a section of the Michigan Economic Growth Authority (MEGA) Act in provisions regarding SBT credits based on qualified new jobs.

The SBT Act refers in several places to a taxpayer claiming a credit based on qualified new jobs as defined in Section 3(j) or Section 3(k) of the MEGA Act. The definition of Aqualified new jobs@, however, appears in Section 3(n). The bill would refer to that section.

MCL 208.37c      &# 160;          & #160;                       ;Legislative Analyst: Patrick Affholter

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

                     ;           0;          
60;          &# 160;          & #160;            Fiscal Analyst: David Zin

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This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.