CORPORATION ANNUAL REPORT FEE H.B. 4866 (H-2): FLOOR ANALYSIS
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House Bill 4866 (Substitute H-2 as reported without amendment)
Sponsor: Representative Bert Johnson
House Committee: Appropriations
Senate Committee: Appropriations
CONTENT
The bill would amend the Business Corporation Act to postpone for five years the sunset on the filing fee that must accompany the annual report required of all domestic and foreign corporations. The bill would delay the sunset from September 30, 2007, to September 30, 2012. This would maintain the annual report filing fee at the present level of $25. Under current law, the fee will decline to $15 on October 1, 2007.
MCL 250.2060
FISCAL IMPACT
Without the extension of the filing fee, revenue to the Department of Labor and Economic Growth will decline by an estimated $2,629,300 annually. This revenue is used to support the Corporation Division and other departmental functions. Revenue in excess of appropriations lapses to the General Fund.
Date Completed: 9-27-07 Fiscal Analyst: Elizabeth Pratt
Maria Tyszkiewicz
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb4866/0708