HB-4562,As Passed Senate, June 5, 2003                                      

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 4562

                                                                             A bill to amend 1967 PA 281, entitled                                             

"Income tax act of 1967,"                                                   

by amending section 355 (MCL 206.355), as amended by 1991 PA 82.            

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1       Sec. 355.  (1) All provisions relating to the                               

2   administration, collection, and enforcement of this act apply to            

3   the employer, flow-through entity, casino licensee, or race                 

4   meeting licensee or track licensee required to withhold taxes and           

5   to the taxes required to be withheld.  If the  commissioner

6   department has reasonable grounds to believe that an employer,              

7   flow-through entity, casino licensee, or race meeting licensee or           

8   track licensee will not pay taxes withheld to the state as                  

9   prescribed by this act, or to provide a more efficient                      

10  administration, the  commissioner department may require the               

11  employer, flow-through entity, casino licensee, or race meeting             

1   licensee or track licensee to make the return and pay to the                

2   department the tax deducted and withheld at other than monthly              

3   periods, or from time to time, or require the employer,                     

4   flow-through entity, casino licensee, or race meeting licensee or           

5   track licensee to deposit the tax in a bank approved by the                 

6   commissioner department in a separate account, in trust for the           

7   department and payable to the department, and to keep the amount            

8   of the taxes in the account until payment over to the                       

9   department.                                                                 

10  (2) Every publicly traded partnership as that term is defined               

11  under section 7704 of the internal revenue code that has equity             

12  securities registered with the securities and exchange commission           

13  under section 12 of title I of the securities and exchange act of           

14  1934, chapter 404, 48 Stat. 881, 15 U.S.C. 78l, shall file on or            

15  before each August 31 all unitholder information from the                   

16  publicly traded partnership's schedule K-1 for the immediately              

17  preceding calendar year by paper or electronic format on a form             

18  prescribed by the department.

19  (3) As used in this section:                                                

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

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

22  casino under the Michigan gaming control and revenue act, the               

23  Initiated Law of 1996, MCL 432.201 to 432.226.                              

24      (c) "Race meeting licensee" and "track licensee" mean a                     

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

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

27  279, MCL 431.308.

1       Enacting section 1.  This amendatory act takes effect                       

2   October 1, 2003.                                                            

3       Enacting section 2.  This amendatory act does not take                      

4   effect unless House Bill No. 4561 of the 92nd Legislature is                

5   enacted into law.