Introduced
by
To make changes clarifying the intent of a <a href="http://www.michiganvotes.org/2012-SB-1037">2012 law</a> revising the former Michigan Business Tax related to for amounts attributable to the taxpayer due to a discharge of indebtedness, and other factors. Some firms that benefit from selective state tax break/subsidy deals still file under this repealed tax.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To replace the previous version of the bill with one that adds additional detail changes to the MBT's treatment of various business transactions and events.
The amendment passed by voice vote
Passed in the Senate 26 to 11 (details)
To make changes clarifying the intent of a <a href="http://www.michiganvotes.org/2012-SB-1037">2012 law</a> revising the former Michigan Business Tax related to for amounts attributable to the taxpayer due to a discharge of indebtedness, and other factors.
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Substitute offered
by
To use the bill as a "vehicle" for the purpose described in the House-passed version, related to a recent Supreme Court ruling.
The substitute passed by voice vote
Amendment offered
by
To clarify a statutory reference in the bill.
The amendment passed by voice vote
Passed in the House 100 to 10 (details)
To clarify the legislative intent of provisions in the Michigan Business Tax, so as to reverse the effect of a recent state Supreme Court ruling (IBM v. Treasury) that reportedly would force the state to refund more than $1 billion to many companies located out of the state. The case involved the interaction of a multistate Tax Compact the state entered in 2006 with provisions of the MBT, which was repealed in 2011 (but is still in effect for certain companies that received subsidies and tax breaks under its provisions). According to the Senate Fiscal Agency, the bill would also reduce the tax liability of certain firms going forward by a significant amount over the next 15 years.
Passed in the Senate 34 to 3 (details)
