Bill Text: MI SB0680 | 2011-2012 | 96th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Income tax; administration; definition of partnership and publicly traded partnership; include. Amends sec. 701 of 1967 PA 281 (MCL 206.701).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-10-20 - Assigned Pa 0194'11 With Immediate Effect [SB0680 Detail]

Download: Michigan-2011-SB0680-Introduced.html

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SENATE BILL No. 680

 

 

September 15, 2011, Introduced by Senator PROOS and referred to the Committee on Finance.

 

 

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

by amending section 701 (MCL 206.701), as added by 2011 PA 38.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 701. As used in this part:

 

     (a) "Casino" means that term as defined in section 110.

 

     (b) "Casino licensee" means a person licensed to operate a

 

casino under the Michigan gaming control and revenue act, 1996 IL

 

1, MCL 432.201 to 432.226.

 

     (c) "Eligible production company" means that term as defined

 

under section 455 of the Michigan business tax act, 2007 PA 36, MCL

 

208.1455.

 

     (d) "Flow-through entity" means an entity that for the

 

applicable tax year is treated as an S corporation under section

 

1362(a) of the internal revenue code, a general partnership, a

 

limited partnership, a limited liability partnership, a trust, or a

 

limited liability company, that for the applicable tax year is not

 

taxed as a corporation for federal income tax purposes.

 

     (e) "Member" means a shareholder of an S corporation, a

 

partner in a general partnership, a limited partnership, or a

 

limited liability partnership, a member of a limited liability

 

company, or a beneficiary of a trust, that is a flow-through

 

entity.

 

     (f) "Nonresident" means an individual who is not a resident of

 

or domiciled in this state, a business entity that does not have

 

its commercial domicile in this state, or a trust not organized in

 

this state.

 

     (g) "Partnership" means a taxpayer that is required to or has

 

elected to file as a partnership for federal income tax purposes.

 

     (h) "Publicly traded partnership" means that term as defined

 

under section 7704 of the internal revenue code.

 

     (i) (g) "Race meeting licensee" and "track licensee" mean a

 

person to whom a race meeting license or track license is issued

 

pursuant to section 8 of the horse racing law of 1995, 1995 PA 279,

 

MCL 431.308.

 

     (j) (h) "S corporation" means a corporation electing taxation

 

under subchapter S of chapter 1 of subtitle A of the internal

 

revenue code, sections 1361 to 1379 of the internal revenue code.

 

     Enacting section 1. This amendatory act takes effect January

 

1, 2012.