Introduced
by
To revise the profits tax component of the new <a href="http://www.michiganvotes.org/2007-SB-94">”Michigan Business Tax”</a> to correct a provision that reportedly could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”).
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises various details, but does not change its substance. This version was subsequently superceded by another substitute with more changes.
The substitute failed by voice vote
Substitute offered
by
The substitute passed by voice vote
Amendment offered
by
To clarify which assets are intended in a certain provision in the bill.
The amendment passed by voice vote
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
Amendment offered
by
To "tie bar" the bill to House Bill 5194, which is the "vehicle" bill for a possible increase in the income tax from 3.9 percent to 4.6 percent.
The amendment passed by voice vote
Passed in the House 108 to 0 (details)
To revise the profits tax component of the new <a href="http://www.michiganvotes.org/2007-SB-94">”Michigan Business Tax”</a> to correct a provision that reportedly could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”). The bill is "tie-barred" to House Bill 5194, meaning this bill cannot become law unless that one does also. HB 5194 is the "vehicle" bill for a possible increase in the state income tax from 3.9 percent to 4.6 percent.
Referred to the Committee of the Whole
Amendment offered
To remove the "tie bar" to House Bill 5194, which is the "vehicle" bill for a possible increase in the income tax from 3.9 percent to 4.6 percent. Without the tie-bar, enactment of that bill is not required for this one to go into law.
The amendment passed by voice vote
Passed in the Senate 25 to 12 (details)
To revise the profits tax component of the new <a href="http://www.michiganvotes.org/2007-SB-94">”Michigan Business Tax”</a> to correct a provision that reportedly could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”)..
Passed in the House 109 to 0 (details)
