2008 House Bill 6292

Revise financial institutions' MBT basis

Introduced in the House

June 27, 2008

Introduced by Rep. Steve Bieda (D-25)

To revise the definition of “equity capital” which is the basis for calculating a financial institution’s liability under the Michigan Business Tax. The bill would exclude “the capital of any foreign operating entity or any affiliated member that is not a U.S. person or does not have permanent establishment” in the U.S.

Referred to the Committee on Tax Policy