2007 House Bill 5118 (Clarify Michigan Business Tax provision )

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• Introduced by Rep. Steve Bieda on August 21, 2007, to clarify a detail related to the value of “net capital” of a financial institutions under the new Michigan Business Tax. The new tax imposes a levy on financial institutions equal to 0.235 their of their net capital. The bill defines an allowable “goodwill” deduction as one arising from purchase accounting adjustments for transactions that occurred on or after July 1, 2007. It adds transactions ON that day in addition to those after it.
  • Referred to the House Tax Policy Committee on August 21, 2007.
    • Reported in the House on September 12, 2007, without amendment and with the recommendation that the bill pass.
• Passed in the House (108 to 0) on October 3, 2007. [Vote Details and Comments]
• Received in the Senate on October 9, 2007.
  • Referred to the Senate Finance Committee on October 9, 2007.

Comments

Introduced by Rep. Steve Bieda on August 21, 2007. Passed in the House (108 to 0) on October 3, 2007. New Comment