Bill Text: MI HB5732 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Michigan business tax; credits; assignment of certain credits for rehabilitation of historic resource; allow. Amends secs. 435 & 510 of 2007 PA 36 (MCL 208.1435 & 208.1510).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2012-12-31 - Assigned Pa 475'12 With Immediate Effect 2012 Addenda [HB5732 Detail]
Download: Michigan-2011-HB5732-Introduced.html
HOUSE BILL No. 5732
June 12, 2012, Introduced by Rep. Gilbert and referred to the Committee on Tax Policy.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
by amending section 510 (MCL 208.1510), as amended by 2011 PA 292.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 510. (1) If a certificate of completion, assignment
certificate, or component completion certificate is issued for a
tax year beginning after December 31, 2011 under section 437 to a
taxpayer or if a certificate of completed rehabilitation,
assignment certificate, or reassignment certificate is issued for a
tax year beginning after December 31, 2011 under section 435 to a
taxpayer, beginning on and after January 1, 2012 the taxpayer may
elect to claim a refundable credit for 90% of the amount of that
certificate. The claim may be filed before the end of the tax year,
and the department shall pay the refundable credit within 60 days
after receiving the claim. A taxpayer claiming a credit under this
section shall forgo the remaining 10% of the credit.
(2) If section 437 or 435 provides that payment of a credit
will be made over a period of years or limits the annual amount of
a payment, a refundable credit may only be claimed under subsection
(1) for the amount payable in the year claimed. A taxpayer may
elect to claim a refundable credit under subsection (1) in each
year that a credit is payable under section 437 or 435.
Notwithstanding the foregoing, a taxpayer may elect under
subsection (1) to claim the balance of a refundable credit awarded
under section 435(20), but the amount of that refund shall be equal
to 86% of the amount of the credit and the taxpayer shall forgo the
remaining 14% of the credit.
(3) Notwithstanding the provisions of section 437(18) and
section 435(9), for tax years ending after December 31, 2011, a
taxpayer may not claim a refundable credit under section 437(18) or
section 435(9) and may only claim a refundable credit under
sections 437 and 435 as provided in subsection (1) or (2).
(4) If a voucher certificate is issued for a tax year
beginning after December 31, 2011 under section 500(7) to a
taxpayer, beginning on and after January 1, 2012 the taxpayer may
elect to redeem a refundable voucher certificate subject only to
the annual limitations and conditions provided under section
500(7). The claim may be filed before the end of the tax year, and
the department shall pay the refundable certificate within 60 days
after receiving the claim.
(5) Notwithstanding section 435(8), for projects for which a
certificate of completed rehabilitation is issued for a tax year
beginning after December 31, 2009 and before January 1, 2011, an
assignee of a credit allowed under section 435(20) available to be
claimed for a tax year beginning after December 31, 2011 may assign
all or any portion of that credit to 1 or more assignees. Any
assignee may subsequently reassign that credit or any portion of
that credit to 1 or more assignees. An assignment or reassignment
of a credit under this subsection can be made any time prior to
December 31, 2012.
