Introduced
by
To clarify a detail related to the value of “net capital” of a financial institutions under the new Michigan Business Tax. The new tax imposes a levy on financial institutions equal to 0.235 their of their net capital. The bill defines an allowable “goodwill” deduction as one arising from purchase accounting adjustments for transactions that occurred on or after July 1, 2007. It adds transactions ON that day in addition to those after it.
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 108 to 0 (details)
Referred to the Committee on Finance
See also HB 5408.
Substitute offered
To replace the previous version of the bill with one that deletes its original provsisions and uses this as "vehicle" bill for another MBT revision. The issue the original bill addressed was addressed in the final version of House Bill 5408.
The substitute passed by voice vote
Passed in the Senate 31 to 0 (details)
To establish that the determination of a financial institution's "net capital" for purposes of calculating its Michigan Business Tax liability does not include the investment of one member of a "unitary business group" in another member.
To concur with the Senate-passed version of the bill.
Passed in the House 89 to 0 (details)
