January 27, 2005, Introduced by Reps. Tobocman and Hunter and referred to the Committee on Tax Policy.
A bill to amend 1975 PA 228, entitled
"Single business tax act,"
(MCL 208.1 to 208.145) by adding section 35d.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 35d. (1) For tax years that begin after December 31, 2005
and before January 1, 2011, a taxpayer may claim a credit against
the tax imposed by this act equal to 5% of the amount of qualified
equity investment used to determine the taxpayer's new markets tax
credit under section 45D of the internal revenue code.
(2) The taxpayer's credit allowed under this section for a tax
year shall not exceed an amount equal to 2% of the taxpayer's
liability for that tax year, as determined before claiming the
credit under this section.
(3) The total of all credits allowed under this act shall not
exceed $10,000,000.00 for all tax years for which a credit under
this section may be claimed.