MBT & SBT: STATUTORY REFERENCES H.B. 5484 (H-1) & 5485: FLOOR ANALYSIS
[Please see the PDF version of this analysis, if available, to view this image.]
House Bill 5484 (Substitute H-1 as passed by the House)
House Bill 5485 (as passed by the House)
Sponsor: Representative Robert Jones (H.B. 5484)
Representative Ed Clemente (H.B. 5485)
House Committee: Tax Policy
CONTENT
The bills would amend various statutes to include references to the Michigan Business Tax (MBT) Act in provisions that refer to the Single Business Tax (SBT) Act.
House Bill 5484 (H-1) would amend the Management and Budget Act to include references to the MBT Act, MBT return, and MBT collections, in provisions that refer to the SBT Act, SBT return, and SBT collections. The bill would include MBT collections in the forecast of anticipated State revenue that a revenue estimated conference must establish. Also, under the bill, when State revenue exceeded the constitutional revenue limit, the revenue in excess of the revenue limit would have to be refunded in accordance with the revenue Act, rather than based on the liability reported on the State income tax return and the SBT return.
House Bill 5485 would amend the Technology Park Development Act to include a reference to the definition of "qualified start-up business" in the MBT Act, in a provision that refers to the definition in the SBT Act.
MCL 18.268 et al. (H.B. 5484) Legislative Analyst: Craig Laurie
207.712 (H.B. 5485)
FISCAL IMPACT
The bills would update the statutes described above with appropriate references to the new Michigan business tax and, in some cases, also would update various Michigan Compiled Law references. These proposed changes are "technical" in nature and therefore the bills would have no fiscal impact on State or local government.
Date Completed: 12-11-07 Fiscal Analyst: Jay Wortley
David Zin
floor\hb5484 Analysis available @ http://www.michiganlegislature.org
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.
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. hb5484/0708