Bill Text: MI SB0790 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Michigan business tax; credit; contributions to the beverage container redemption antifraud fund; establish credit. Amends 2007 PA 36 (MCL 208.1101 - 208.1601) by adding sec. 468. TIE BAR WITH: SB 0788'09

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2009-09-09 - Referred To Committee On Finance [SB0790 Detail]

Download: Michigan-2009-SB0790-Introduced.html

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SENATE BILL No. 790

 

 

September 9, 2009, Introduced by Senators JELINEK, VAN WOERKOM, BROWN and RICHARDVILLE and referred to the Committee on Finance.

 

 

 

     A bill to amend 2007 PA 36, entitled

 

"Michigan business tax act,"

 

(MCL 208.1101 to 208.1601) by adding section 468.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 468. (1) For tax years that begin after September 30,

 

2010, a taxpayer that does not claim a credit under section 278 of

 

the income tax act of 1967, 1967 PA 281, MCL 206.278, and that

 

makes a contribution during the tax year to the beverage container

 

redemption antifraud fund created in section 7 of the beverage

 

container redemption antifraud act, 2008 PA 388, MCL 445.637, may

 

claim a credit against the tax imposed by this act in an amount

 

equal to the difference between the amount of the payment from the

 

bottle deposit fund created in section 3c of 1976 IL 1, MCL

 

445.573c, that should have been disbursed to the taxpayer in

 

accordance with section 3c(3) of 1976 IL 1, MCL 445.573c, and the

 

amount that the taxpayer actually received from the bottle deposit

 

fund pursuant to section 3c of 1976 IL 1, MCL 445.573c.

 

     (2) A taxpayer that receives a disbursement during the tax

 

year from the bottle deposit fund created in section 3c of 1976

 

IL1, MCL 445.573c, equal to or greater than the disbursement

 

required under section 3c(3) of 1976 IL 1, MCL 445.573c, is not

 

eligible to claim the credit under this section for that same tax

 

year.

 

     (3) If the amount of the credit allowed under this section

 

exceeds the tax liability of the taxpayer for the tax year, that

 

portion of the credit that exceeds the tax liability shall be

 

refunded.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. 788                                   

 

          of the 95th Legislature is enacted into law.