Public Act 470 of 2008

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• Introduced by Rep. Steve Bieda (D) 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, see also HB 5408.
    • Substitute offered in the Senate on December 19, 2008, to replace the previous version of the bill with one that deletes its original provsisions and uses this as "vehicle" bill for another MBT revision. The issue the original bill addressed was addressed in the final version of House Bill 5408. The substitute passed in the Senate by voice vote on December 19, 2008.
• Passed in the Senate (31 to 0) on December 19, 2008, to establish that the determination of a financial institution's "net capital" for purposes of calculating its Michigan Business Tax liability does not include the investment of one member of a "unitary business group" in another member. [Vote Details and Comments]
• Received in the House on December 19, 2008, to concur with the Senate-passed version of the bill. Passed in the House (89 to 0) on December 19, 2008. [Vote Details and Comments]
• Signed by Gov. Jennifer Granholm on January 9, 2009.