November 29, 2006, Introduced by Rep. Kolb and referred to the Committee on Commerce.
A bill to amend 1933 PA 167, entitled
"General sales tax act,"
(MCL 205.51 to 205.78) by adding section 4cc.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4cc. The sale of tangible personal property to a bank or
trust company organized under the laws of this state, a national
banking association, or an incorporated bank holding company as
defined in section 1841 of the bank holding company act of 1956, 12
USC 1841, that controls a bank, national banking association, trust
company, or industrial bank subsidiary, that is located in a
banking development district created under the banking development
district authority act is exempt from the tax under this act.