HB-4733, As Passed Senate, January 25, 2006

SENATE 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 chairperson of the Michigan

economic growth authority or his or her designee 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 chairperson of the Michigan economic growth

authority or his or her designee approves a project under section

38g(33), the chairperson of the Michigan economic growth authority

or his or her designee 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 all of the following bills of the 93rd Legislature are

enacted into law:

     (a) Senate Bill No. 599.

     (b) House Bill No. 4734.