SB-0967, As Passed Senate, January 17, 2008

SUBSTITUTE FOR

SENATE BILL NO. 967

     A bill to amend 2007 PA 36, entitled

"Michigan business tax act,"

(MCL 208.1101 to 208.1601) by adding section 450.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 450. (1) For the 2008 tax year, a taxpayer may claim a

credit against the tax imposed by this act equal to the expenses

incurred by the taxpayer in the immediately preceding year from

October 2 through December 4 to comply with former section 3d of

the use tax act, 1937 PA 94.

     (2) A taxpayer that claims the credit under this section shall

verify that the actual expenses incurred as a result of the

enactment of former section 3d of the use tax act, 1937 PA 94, are

the same number as used to calculate the credit under this section,

the taxpayer shall attach the verification to its annual return

under this act for the tax year in which the credit under this

section is claimed.

     (3) If the amount of the credit allowed under this section

exceeds the tax liability of the taxpayer for the tax year, that

portion that exceeds the tax liability shall not be refunded.

     Enacting section 1. This amendatory act takes effect January

1, 2008.