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Bill > HB5102
MI HB5102
MI HB5102Corporate income tax: credits; annual report on research and development tax credits; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 718.
summary
Introduced
10/05/2023
10/05/2023
In Committee
03/19/2024
03/19/2024
Crossed Over
10/31/2023
10/31/2023
Passed
04/10/2024
04/10/2024
Dead
Signed/Enacted/Adopted
07/30/2024
07/30/2024
Introduced Session
102nd Legislature
Bill Summary
AN ACT to amend 1967 PA 281, entitled ?An act to meet deficiencies in state funds by providing for the imposition, levy, computation, collection, assessment, reporting, payment, and enforcement by lien and otherwise of taxes on or measured by net income and on certain commercial, business, and financial activities; to prescribe the manner and time of making reports and paying the taxes, and the functions of public officers and others as to the taxes; to permit the inspection of the records of taxpayers; to provide for interest and penalties on unpaid taxes; to provide exemptions, credits, rebates, and refunds of the taxes; to create certain funds; to provide for the expenditure of certain funds; to impose certain duties and requirements on certain officials, departments, and authorities of this state; to prescribe penalties for the violation of this act; to provide an appropriation; and to repeal acts and parts of acts,? (MCL 206.1 to 206.847) by adding section 718.
AI Summary
This bill amends the Michigan Income Tax Act of 1967 by adding a new section 718. The key provisions are:
1. The Michigan Department of Treasury, in cooperation with the Michigan Strategic Fund Board of Directors, must submit an annual report to the legislature, governor, and other state officials on the operation and effectiveness of the research and development tax credits created under sections 677 and 717 of the Act. The report must include an assessment of the credits' overall effectiveness, the number of businesses claiming the credits, the names of businesses claiming the credits and the amounts, and the names of businesses claiming the additional credit for collaborating with a Michigan research university.
2. The Michigan Strategic Fund Board of Directors can delegate actions under this new section to authorized employees, officers, and agents of the Fund, which may include employees of the Michigan Economic Development Corporation (MEDC).
3. The bill defines "MEDC" and "Michigan Strategic Fund" for the purposes of this new section.
Committee Categories
Business and Industry
Sponsors (10)
Ranjeev Puri (D)*,
Joey Andrews (D),
Erin Byrnes (D),
Jennifer Conlin (D),
Rachel Hood (D),
Jason Hoskins (D),
Jaz Martus (D),
Amos O'Neal (D),
Laurie Pohutsky (D),
Carrie Rheingans (D),
Last Action
Assigned Pa 119'24 (on 07/30/2024)
Bill Topics
Macroeconomics
- ‐ Industrial Policy
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
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