SB-0940, As Passed Senate, December 6, 2007
November 29, 2007, Introduced by Senator BROWN and referred to the Committee on Finance.
A bill to amend 1939 PA 3, entitled
"An act to provide for the regulation and control of public and
certain private utilities and other services affected with a public
interest within this state; to provide for alternative energy
suppliers; to provide for licensing; to include municipally owned
utilities and other providers of energy under certain provisions of
this act; to create a public service commission and to prescribe
and define its powers and duties; to abolish the Michigan public
utilities commission and to confer the powers and duties vested by
law on the public service commission; to provide for the
continuance, transfer, and completion of certain matters and
proceedings; to abolish automatic adjustment clauses; to prohibit
certain rate increases without notice and hearing; to qualify
residential energy conservation programs permitted under state law
for certain federal exemption; to create a fund; to provide for a
restructuring of the manner in which energy is provided in this
state; to encourage the utilization of resource recovery
facilities; to prohibit certain acts and practices of providers of
energy; to allow for the securitization of stranded costs; to
reduce rates; to provide for appeals; to provide appropriations; to
declare the effect and purpose of this act; to prescribe remedies
and penalties; and to repeal acts and parts of acts,"
by amending section 10o (MCL 460.10o), as added by 2000 PA 142.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 10o. (1) The acquisition, ownership, and disposition of
any direct interest in any securitization bond shall not be taken
into account in determining whether a person is subject to any
income
tax, single business tax, franchise tax, business activities
tax, intangible property tax, excise tax, stamp tax, or any other
tax imposed by this state or any agency or political subdivision of
this state.
(2) Any successor to an electric utility, whether pursuant to
any bankruptcy, reorganization, or other insolvency proceeding or
pursuant to any merger or acquisition, sale or transfer, by
operation of law, as a result of electric utility restructuring or
otherwise, shall perform and satisfy all obligations of the
electric utility under the amendatory act that added this section
in the same manner and to the same extent as the electric utility,
including, but not limited to, collecting and paying to the person
entitled to revenues with respect to the securitization property.
(3) An assignee or financing party shall not be considered to
be a public utility or person providing electric service solely by
virtue of the transactions described in this act.