November 30, 2005, Introduced by Senator HARDIMAN and referred to the Committee on Finance.
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.