2017 Senate Bill 361 / 2018 Public Act 460

Revise corporate income tax detail

Introduced in the Senate

May 3, 2017

Introduced by Sen. Darwin Booher (R-35)

To revise definitions and tax liability calculations under the state corporate income tax for financial institutions that operate in multiple states.

Referred to the Committee on Finance

Nov. 9, 2017

Reported without amendment

With the recommendation that the bill pass.

Dec. 13, 2017

Passed in the Senate 37 to 1 (details)

Received in the House

Dec. 13, 2017

Referred to the Committee on Tax Policy

Nov. 28, 2018

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Dec. 18, 2018

Amendment offered by Rep. Jim Tedder (R-43)

To establish that the proposed law would be effective for tax years beginning after December 31, 2018, and would be "curative and intended to clarify existing law" for financial institutions.

The amendment passed by voice vote

Passed in the House 98 to 11 (details)

To revise definitions and tax liability calculations under the state corporate income tax for financial institutions that operate in multiple states.

Received in the Senate

Dec. 19, 2018

Passed in the Senate 38 to 0 (details)

Signed by Gov. Rick Snyder

Dec. 26, 2018