June 8, 2006, Introduced by Rep. Sheen and referred to the Committee on Tax Policy.
A bill to provide for the claiming and transferring of tax
credits for certain economic development activities.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"credit preservation act".
Sec. 2. As used in this act:
(a) "Brownfield credit" means the tax credit available under
section 38g(2), (3), and (33) of the single business tax act, 1975
PA 228, MCL 208.38g.
(b) "Historic preservation credit" means tax credit available
under section 39c of the single business tax act, 1975 PA 228, MCL
208.39c.
(c) "Single business tax act" means the single business tax
act, 1975 PA 228, MCL 208.1 to 208.145.
Sec. 3. A qualified taxpayer that has a preapproval letter
issued before December 31, 2006 for a brownfield credit approved
under section 38g(2), (3), or (33) of the single business tax act,
1975 PA 228, MCL 208.38g, for a project that is not completed
before the date on which the single business tax act is repealed
but is completed before January 1, 2010, may claim the credit
amount approved under section 38g(2), (3), or (33) of the single
business tax act, 1975 PA 228, MCL 208.38g, against the taxpayer's
tax liability under the single business tax act, on the taxpayer's
annual return filed under the single business tax act, for the
taxpayer's last tax year under the single business tax act. A
credit under this section shall be taken after all other credits
the taxpayer claims for the tax year under the single business tax
act and shall not exceed the amount that the taxpayer would have
been allowed to claim for the 2008 tax year for projects completed
in 2008 or for the 2009 tax year for projects completed in 2009. If
the amount of a credit under this section exceeds the taxpayer's
tax liability for the tax year under the single business tax act,
the amount by which the credit exceeds the taxpayer's tax liability
under the single business tax act shall be refunded.
Sec. 4. A qualified taxpayer that has a rehabilitation plan
certified before December 31, 2006 for the rehabilitation of a
historic resource for which a certificate of completion is not
issued before the date on which the single business tax act is
repealed, but for which a certificate of completion is issued
before January 1, 2010, may claim the historic preservation credit
allowed under section 39c of the single business tax act, 1975 PA
228, MCL 208.39c, against the taxpayer's tax liability on the
taxpayer's annual return filed under the single business tax act
for the taxpayer's last tax year under the single business tax act.
A credit under this section shall be taken after all other credits
the taxpayer claims for the tax year under the single business tax
act and shall not exceed the amount that the taxpayer would have
been allowed to claim for the 2008 tax year for projects completed
in 2008 or for the 2009 tax year for projects completed in 2009. If
the amount of a credit under this section exceeds the taxpayer's
tax liability for the tax year under the single business tax act,
the amount by which the credit exceeds the taxpayer's tax liability
under the single business tax act shall be refunded.