Introduced
by
To revise a provision of the Michigan Business Tax that governs how financial institutions are taxed on business done within Michigan and outside it. The change would give organizations that have reorganized as financial institutions an alternative option for calculating their in-state/out-of-state taxable revenue apportionment. Note: this primarily applies to GMAC.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the amendment be adopted and that the bill then pass.
Amendment offered
To clarify details in the application of the proposed tax option.
The amendment passed by voice vote
Amendment offered
by
To extend the same tax option the bill would authorize for an entity like GMAC to financial institutions that were not "spun off" from some other business.
The amendment failed by voice vote
Passed in the House 96 to 10 (details)
To revise a provision of the Michigan Business Tax that governs how financial institutions are taxed on business done within Michigan and outside it. The change would give organizations that have reorganized as financial institutions an alternative option for calculating their in-state/out-of-state taxable revenue apportionment. Note: this primarily applies to GMAC.
Passed in the Senate 37 to 0 (details)
To concur with the House-passed version of the bill.
