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involved the interaction of a multistate Tax Compact the state entered in 2006 with provisions of the MBT, which was repealed in 2011 (but is still in effect for certain companies that received subsidies and tax breaks under its provisions).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.
| 100 Yeas / 10 Nays | |
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