SB-0909, As Passed Senate, December 6, 2005

 

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

SENATE BILL NO. 909

 

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 1975 PA 228, entitled

 

"Single business tax act,"

 

(MCL 208.1 to 208.145) by adding section 35f.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 35f. (1) For tax years beginning on and after January 1,

 

2007 and before January 1, 2008, a person may claim a credit

 

against the tax imposed by this act equal to 15% of the property

 

taxes paid in the tax year by the person on industrial personal

 

property.

 

     (2) A person that is not otherwise required to file a return

 

under this act may claim the credit under this section.

 

     (3) To qualify for the credits under this section for an item

 

of tangible personal property, a person that is otherwise eligible

 

to claim the credit allowed under this section shall file within


 

the time required the statement of personal property described in

 

section 19 of the general property tax act, 1893 PA 206, MCL

 

211.19, for items of tangible personal property that are classified

 

as industrial personal property for the location at which the

 

tangible personal property that is the basis of the credit allowed

 

under this section is located.

 

     (4) If the credit allowed under this section exceeds the tax

 

liability of the person for the tax year or if person does not have

 

a tax liability under this act for the tax year, the excess or the

 

amount of the credit shall be refunded or paid to the person. The

 

state treasurer shall establish a reserve account in the department

 

to fund and provide for payment of the amount of refunds or

 

payments for credits under this section that are attributable to

 

the fiscal years ending in the tax years for which credits are

 

claimed.

 

     (5) The credit allowed under this section shall be calculated

 

after application of all other credits allowed under this act.

 

     (6) As used in this section:

 

     (a) "Industrial personal property" means personal property

 

classified as industrial personal property under section 34c of the

 

general property tax act, 1893 PA 206, MCL 211.34c.

 

     (b) "Property taxes" means any of the following:

 

     (i) Taxes collected under the general property tax act, 1893 PA

 

206, MCL 211.1 to 211.157.

 

     (ii) Taxes levied under 1974 PA 198, MCL 207.551 to 207.572.

 

     (iii) Taxes levied under the obsolete property rehabilitation

 

act, 2000 PA 146, MCL 125.2781 to 125.2797.


 

     (iv) Any payments made by the taxpayer pursuant to a contract

 

with the Michigan strategic fund in connection with the creation of

 

a renaissance zone under the Michigan renaissance zone act, 1996 PA

 

376, MCL 125.2681 to 125.2696, to the extent that those payments

 

are made by the taxpayer to reimburse all taxing units for property

 

taxes that would otherwise be exempt under section 7ff of the

 

general property tax act, 1893 PA 206, MCL 211.7ff.

 

     (v) Any payments made by a taxpayer pursuant to a contract

 

with an eligible local assessing district to the extent that those

 

payments are made to reimburse taxing units for property taxes that

 

would otherwise be payable under the general property tax act, 1893

 

PA 206, MCL 211.1 to 211.157. As used in this subparagraph,

 

"eligible local assessing district" means that term as defined in

 

section 9f of the general property tax act, 1893 PA 206, MCL

 

211.9f.

 

     Enacting section 1.  This amendatory act does not take effect

 

unless all of the following bills of the 93rd Legislature are

 

enacted into law:

 

     (a) Senate Bill No. 203.

 

     (b) Senate Bill No. 910.

 

     (c) House Bill No. 4982.

 

     (d) House Bill No. 5459.

 

     (e) House Bill No. 5460.

 

     (f) House Bill No. 5461.