Introduced
by
To authorize a refundable Michigan Business Tax credit equal to 50 percent of the amount invested or expended on research, development, and manufacturing of photovoltaic energy by a firm for whom this is its primary activity. “Refundable” means that if the credit exceeds the firm’s tax liability the state would send it a check.
Referred to the Committee on Tax Policy
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 99 to 2 (details)
To authorize a refundable Michigan Business Tax credit equal to 50 percent of the amount invested or expended on research, development, and manufacturing of photovoltaic energy by a firm for whom this is its primary activity. “Refundable” means that if the credit exceeds the firm’s tax liability the state would send it a check. This is one of a number of bills offering generous tax breaks for which the Hemlock Semiconductor company would be eligible.
Referred to the Committee on Finance
Substitute offered
To set the amount of the proposed refundable tax credit at $25 million. The House-passed version had a $100 "cap" on the credit, which was essentially a place-holder pending negotiation of the real amount.
The substitute passed by voice vote
Passed in the Senate 31 to 7 (details)
To authorize a refundable Michigan Business Tax credit of up to $25 million, equal to 50 percent of the amount invested or expended on research, development, and manufacturing of photovoltaic energy by a firm for whom this is its primary activity. “Refundable” means that if the credit exceeds the firm’s tax liability the state would send it a check. This is one of a number of bills offering generous tax breaks for which the Hemlock Semiconductor company would be eligible.
To concur with the Senate-passed version of the bill, which sets the refundable tax break for Hemlock Semiconductor at $25 million.
Passed in the House 109 to 0 (details)
