An act to amend 1967 PA 281, entitled “An act to meet deficiencies in state funds by providing for the imposition, levy, computation, collection, assessment, reporting, payment, and enforcement by lien and otherwise of taxes on or measured by net income and on certain commercial, business, and financial activities; to prescribe the manner and time of making reports and paying the taxes, and the functions of public officers and others as to the taxes; to permit the inspection of the records of taxpayers; to provide for interest and penalties on unpaid taxes; to provide exemptions, credits, rebates, and refunds of the taxes; to create certain funds; to provide for the expenditure of certain funds; to impose certain duties and requirements on certain officials, departments, and authorities of this state; to prescribe penalties for the violation of this act; to provide an appropriation; and to repeal acts and parts of acts,” (MCL 206.1 to 206.847) by adding section 718.
Mandates the Michigan Department of Treasury, in collaboration with the board of directors of the Michigan Strategic Fund, to submit an annual report by July 1 each year. This report, directed to various state officials and agencies, evaluates the operation and effectiveness of research and development (R&D) tax credits.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
Reported without amendment
Substitute H-1 offered
by
The substitute passed by voice vote
Passed in the House 80 to 30 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 22 to 13 (details)
