November 26, 2007, Introduced by Reps. Melton and Bieda and referred to the Committee on Tax Policy.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
by amending section 410 (MCL 208.1410).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 410. (1) For tax years that begin on or after January 1,
2008 and end before January 1, 2013, an eligible taxpayer may claim
a credit against the tax imposed by this act equal to the
following:
(a) For the 2008 through 2010 tax years, 65% of the eligible
taxpayer's total tax liability imposed under this act not to exceed
$1,700,000.00.
(b) For the 2011 tax year, 45% of the eligible taxpayer's
total tax liability imposed under this act not to exceed
$1,180,000.00.
(c) For the 2012 tax year, 25% of the eligible taxpayer's
total tax liability imposed under this act not to exceed
$650,000.00.
(2) As used in this section, "eligible taxpayer" means a
taxpayer
that satisfies each either of the following:
(a) Is, collectively or individually, including through
affiliated companies, an owner, operator, manager, licensee,
lessee, or tenant of more than 1 facility or stadium, including
grounds and ancillary facilities, that has a capacity of at least
14,000 patrons and is primarily used for professional sporting
events
or other entertainment.
(b)
The owner, operator, manager, licensee, lessee, or tenant
as
described in subdivision (a) and
has made a capital investment
of not less than $250,000,000.00, collectively or individually,
including through affiliated companies, into the construction cost
of a facility or stadium for which the taxpayer qualifies for this
credit.
(b) (c)
The Is an owner, operator, manager, licensee, lessee,
or
tenant as described in subdivision (a) of a facility or stadium,
including grounds and ancillary facilities, that has a capacity of
at least 14,000 patrons and is primarily used for professional
sporting events or other entertainment and has not received
proceeds from a state appropriation, a public bond issue from a
local unit of government or public authority, or a state or local
tax or fee to assist in the construction or debt retirement of the
facility other than a state or local tax or fee from a public
entity for road or infrastructure assistance.
Enacting section 1. This amendatory act takes effect January
1, 2008.