SB-1118, As Passed House, April 10, 2008

HOUSE SUBSTITUTE FOR

SENATE BILL NO. 1118

     A bill to amend 2007 PA 36, entitled

"Michigan business tax act,"

(MCL 208.1101 to 208.1601) by adding section 410a.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 410a. (1) For tax years that begin on or after January 1,

2008 and end before January 1, 2013, an eligible taxpayer may claim

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

following:

     (a) For the 2008 through 2010 tax years, 65% of the eligible

taxpayer's total tax liability imposed under this act not to exceed

$1,700,000.00.

     (b) For the 2011 tax year, 45% of the eligible taxpayer's

total tax liability imposed under this act not to exceed

$1,180,000.00.

     (c) For the 2012 tax year, 25% of the eligible taxpayer's

total tax liability imposed under this act not to exceed

$650,000.00.

     (2) As used in this section, "eligible taxpayer" means a

taxpayer that is, collectively or individually, including through

affiliated companies, an owner, operator, manager, licensee,

lessee, or tenant of more than 1 facility or stadium in this state,

including grounds and ancillary facilities, that has a capacity of

at least 14,000 patrons per facility and is primarily used for

professional sporting events or other entertainment, and that has

made a capital investment of not less than $250,000,000.00,

collectively or individually, including through affiliated

companies, into the construction cost of a facility or stadium for

which the taxpayer qualifies for this credit.

     Enacting section 1. This amendatory act does not take effect

unless House Bill No. 5463 of the 94th Legislature is enacted into

law.