February 14, 2008, Introduced by Senator PAPPAGEORGE and referred to the Committee on Finance.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
by amending section 410 (MCL 208.1410).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 410. (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 satisfies each either of the following:
(a) 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.
(b)
The owner, operator, manager, licensee, lessee, or tenant
as
described in subdivision (a) and
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.
(b) (c)
The Is collectively or
individually, including through
affiliated companies, an owner, operator, manager, licensee,
lessee,
or tenant as described in subdivision (a) 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 has not received proceeds from a state
appropriation , or a
public bond issue from a local unit of
government
or public authority, or a state or local tax or fee to
assist in the construction or debt retirement of the facility,
other
than excluding a tax
abatement, other waiver of a state or
local tax or fee, or a state or local tax or fee from a public
entity for road or infrastructure assistance.