November 19, 2008, Introduced by Rep. Mayes and referred to the Committee on Energy and Technology.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
by amending section 432a (MCL 208.1432a), as added by 2008 PA 267.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
432a. (1) For tax years that begin beginning after
December 31, 2011 and ending before January 1, 2016, a qualified
taxpayer that has received a certificate under section 432 may
claim a credit equal to the product obtained by multiplying the
qualified consumption of electricity times the difference between
the guaranteed cost of electricity and the actual delivered price
of electricity billed to the qualified taxpayer under a tariff rate
approved by the public service commission or the projected cost of
electricity, whichever is less.
(2) If the credit allowed under this section exceeds the tax
liability of the qualified taxpayer for the tax year, the qualified
taxpayer may elect to have that portion that exceeds the tax
liability of the qualified taxpayer refunded or to have the excess
carried forward to offset the tax liability in subsequent years for
10 years or until used up, whichever occurs first.
(3) As used in this section, "qualified consumption of
electricity" means up to 1,445,400 megawatt hours of electricity
consumed during the tax year at a facility described by an
agreement entered into under section 432.