April 17, 2008, Introduced by Senators STAMAS, KAHN, BARCIA, ALLEN, SWITALSKI and GLEASON and referred to the Committee on Commerce and Tourism.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
(MCL 208.1101 to 208.1601) by adding section 432b.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 432b. (1) For tax years that begin after December 31,
2015 and before January 1, 2022, 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 projected cost of
electricity and the guaranteed cost of electricity.
(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.