Introduced
by
To expand the expenses that may be included in calculating a Michigan Business Tax credit (which can equal up to 25 percent of the cost to rehabilitate a "historic" building or other property); and also expand the ability of credit recipients to assign or transfer these tax breaks to another taxpayer. The bill removes a provision that reduces the state credit by the amount of a federal rehab credit, and makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference. See also Senate Bill 973.
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
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 failed by voice vote
Substitute offered
by
The substitute passed by voice vote
Passed in the House 103 to 0 (details)
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the amendment be adopted and that the bill then pass.
Amendment offered
To tie-bar the bill to Senate Bill 973, meaning this bill cannot become law unless that one does also. SB 973 is the Senate version of the same proposal; often single bills are split into two to make the legislation "bicameral" or "bi-partisan," and to let more than one legislator take whatever "credit" is due from the public or interested parties.
The amendment passed by voice vote
Passed in the Senate 35 to 1 (details)
To expand the expenses that may be included in calculating a Michigan Business Tax credit (which can equal up to 25 percent of the cost to rehabilitate a "historic" building or other property); and also expand the ability of credit recipients to assign or transfer these tax breaks to another taxpayer. The bill removes a provision that reduces the state credit by the amount of a federal rehab credit, and makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference. See also Senate Bill 973.
Passed in the House 107 to 0 (details)
