December 6, 2007, Introduced by Senators CASSIS, KAHN, BROWN, KUIPERS, CROPSEY and PAPPAGEORGE and referred to the Committee on Finance.
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 during the immediately preceding year 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 be refunded.
Enacting section 1. This amendatory act takes effect January
1, 2008.