HB-4733, As Passed House, June 29, 2005

SUBSTITUTE FOR

HOUSE BILL NO. 4733

     A bill to amend 1975 PA 228, entitled

"Single business tax act,"

(MCL 208.1 to 208.145) by adding section 35c.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

Sec. 35c. For purposes of approving projects for a credit

allowed under section 38g(33), the Michigan economic growth

authority is subject to both of the following:

     (a) The total of all credits for all projects approved under

section 38g(33) shall not exceed $10,000,000.00 in any calendar

year.

     (b) If the Michigan economic growth authority approves a

project under section 38g(33), the Michigan economic growth

authority shall issue a preapproval letter that states all of the

following:

     (i) That the taxpayer is a qualified taxpayer.

     (ii) The maximum total eligible investment for the project on

which credits may be claimed and the maximum total of all credits

for the project when the project is completed and a certificate of

completion is issued.

     (iii) The project number assigned by the Michigan economic

growth authority.

     Enacting section 1.  This amendatory act does not take effect

unless House Bill No. 4734 of the 93rd Legislature is enacted into

law.