Bill Text: MI HB4274 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Michigan business tax; credit; listing of tax credits available under the Michigan business tax act and report on the operation and effectiveness of each credit; require treasury to provide. Amends sec. 513 of 2007 PA 36 (MCL 208.1513).

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2009-02-18 - Printed Bill Filed 02/18/2009 [HB4274 Detail]

Download: Michigan-2009-HB4274-Introduced.html

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HOUSE BILL No. 4274

 

February 17, 2009, Introduced by Reps. McMillin and Knollenberg and referred to the Committee on Tax Policy.

 

     A bill to amend 2007 PA 36, entitled

 

"Michigan business tax act,"

 

by amending section 513 (MCL 208.1513).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 513. (1) The tax imposed by this act shall be

 

administered by the department of treasury pursuant to 1941 PA 122,

 

MCL 205.1 to 205.31, and this act. If a conflict exists between

 

1941 PA 122, MCL 205.1 to 205.31, and this act, the provisions of

 

this act apply.

 

     (2) The department shall promulgate rules to implement this

 

act pursuant to the administrative procedures act of 1969, 1969 PA

 

306, MCL 24.201 to 24.328.

 

     (3) The department shall prescribe forms for use by taxpayers

 

and may promulgate rules in conformity with this act for the

 

maintenance by taxpayers of records, books, and accounts, and for

 

the computation of the tax, the manner and time of changing or

 

electing accounting methods and of exercising the various options

 

contained in this act, the making of returns, and the

 

ascertainment, assessment, and collection of the tax imposed under

 

this act.

 

     (4) The tax imposed by this act is in addition to all other

 

taxes for which the taxpayer may be liable.

 

     (5) The department shall prepare and publish statistics from

 

the records kept to administer the tax imposed by this act that

 

detail the distribution of tax receipts by type of business, legal

 

form of organization, sources of tax base, timing of tax receipts,

 

and types of deductions. The statistics shall not result in the

 

disclosure of information regarding any specific taxpayer.

 

     (6) The department shall prepare a clear and concise listing

 

of each credit allowed under this act and a detailed explanation of

 

that credit. The department shall make a copy of the listing

 

available to the public upon request and shall post the listing on

 

the department's official website. Beginning March 1, 2009 and each

 

March 1 thereafter, the department shall update the listing

 

required under this subsection to include, based on the report

 

required under subsection (7), the number of taxpayers broken down

 

by firm and industry category that claimed each credit and the

 

amount of credits awarded under each of those credits during the

 

immediately preceding year under this act, and for credits claimed

 

under sections 429, 431, 431a, 431b, 431c, 433, 437, 455, 457, and

 

459, the department shall also include the name and address of each

 

taxpayer and the amount of the credit awarded to that taxpayer

 

under each of those respective credits during the immediately

 

preceding year.

 

     (7) Not later than March 1 of each year after 2008, the

 

department shall submit to the governor and both houses of the

 

legislature an annual report concerning the operation and

 

effectiveness of each credit under this act and shall post the

 

report on the department's official website. The requirements of

 

section 28(1)(f) of 1941 PA 122, MCL 205.28, do not apply to

 

disclosure of tax information required by this subsection. The

 

report shall include, but is not limited to, all of the following:

 

     (a) A brief assessment of the overall effectiveness of each

 

credit under this act during the immediately preceding calendar

 

year.

 

     (b) Except as otherwise provided for those credits

 

specifically identified under subdivision (c), the total number of

 

taxpayers, broken down by firm size and industry categories as to

 

be determined by the department, that claimed each credit and the

 

amount of credits awarded under each credit to those taxpayers

 

under this act during the immediately preceding calendar year.

 

     (c) The name and address of each taxpayer that claimed a

 

credit under section 429, 431, 431a, 431b, 431c, 433, 437, 455,

 

457, or 459, or any combination of those credits, under this act

 

during the immediately preceding calendar year including the amount

 

of the credit awarded under each section for that taxpayer.