2007 House Bill 5104 (Revise “deferred assets” taxation under new state business tax )

Public Act 90 of 2007

[Comments on this legislation] [Text and Analysis] [Add to Watch List]
[Previous] [Next]

• Introduced by Rep. Steve Bieda on August 8, 2007, to revise the profits tax component of the new ”Michigan Business Tax” to correct a provision that reportedly could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”).
  • Referred to the House Tax Policy Committee on August 8, 2007.
    • Reported in the House on August 29, 2007, with the recommendation that the substitute (H-2) be adopted and that the bill then pass.
  • Substitute offered in the House on September 5, 2007, to replace the previous version of the bill with one that revises various details, but does not change its substance. This version was subsequently superceded by another substitute with more changes. The substitute failed in the House by voice vote on September 5, 2007.
  • Substitute offered by Rep. Steve Bieda on September 5, 2007, to replace the previous version of the bill with one that revises various details, but does not change its substance. This version was subsequently superceded by another substitute with more changes. The substitute passed in the House by voice vote on September 5, 2007.
  • Amendment offered by Rep. Steve Bieda on September 5, 2007, to clarify which assets are intended in a certain provision in the bill. The amendment passed in the House by voice vote on September 5, 2007.
  • Substitute offered by Rep. Steve Bieda on September 23, 2007, to replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described. The substitute passed in the House by voice vote on September 23, 2007.
  • Amendment offered by Rep. Steve Bieda on September 23, 2007, to "tie bar" the bill to House Bill 5194, which is the "vehicle" bill for a possible increase in the income tax from 3.9 percent to 4.6 percent. The amendment passed in the House by voice vote on September 23, 2007.
• Passed in the House (108 to 0) on September 23, 2007, to revise the profits tax component of the new ”Michigan Business Tax” to correct a provision that reportedly could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”). The bill is "tie-barred" to House Bill 5194, meaning this bill cannot become law unless that one does also. HB 5194 is the "vehicle" bill for a possible increase in the state income tax from 3.9 percent to 4.6 percent. [Vote Details and Comments]
• Received in the Senate on September 24, 2007.
  • Referred to the Senate on September 24, 2007.
  • Amendment offered in the Senate on September 28, 2007, to remove the "tie bar" to House Bill 5194, which is the "vehicle" bill for a possible increase in the income tax from 3.9 percent to 4.6 percent. Without the tie-bar, enactment of that bill is not required for this one to go into law. The amendment passed in the Senate by voice vote on September 28, 2007.
• Passed in the Senate (25 to 12) on September 28, 2007, to revise the profits tax component of the new ”Michigan Business Tax” to correct a provision that reportedly could create the unintended consequence of imposing much higher taxes on businesses due to a new accounting standard related to “deferred assets” (“FAS 109”). . [Vote Details and Comments]
• Received in the House on September 28, 2007.
• Passed in the House (109 to 0) on September 30, 2007. [Vote Details and Comments]
• Signed by Gov. Jennifer Granholm on September 30, 2007.

Comments

Introduced by Rep. Steve Bieda on August 8, 2007. Passed in the House (108 to 0) on September 23, 2007. New Comment