Public Act 157 of 2009

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• Introduced by Sen. Nancy Cassis (R) on June 25, 2009, to revise a provision of the Michigan Business Tax that governs how financial institutions are taxed on business done within Michigan and outside it. The change would give organizations that have reorganized as financial institutions an alternative option for calculating their in-state/out-of-state taxable revenue apportionment. Note: this primarily applies to GMAC.
  • Referred to the Senate Finance Committee on June 25, 2009.
    • Reported in the Senate on September 21, 2009, with the recommendation that the bill pass.
• Passed 37 to 0 in the Senate on September 24, 2009.
  Who Voted "Yes" and Who Voted "No"
• Received in the House on September 24, 2009.
  • Referred to the House Tax Policy Committee on September 24, 2009.
    • Reported in the House on October 28, 2009, with the recommendation that the amendment be adopted and that the bill then pass.
  • Amendment offered in the House on December 1, 2009, to clarify details in the application of the proposed tax option. The amendment passed by voice vote in the House on December 1, 2009.
  • Amendment offered by Rep. Tom McMillin (R) on December 1, 2009, to extend the same tax option the bill would authorize for an entity like GMAC to financial institutions that were not "spun off" from some other business. The amendment failed by voice vote in the House on December 1, 2009.
• Passed 96 to 10 in the House on December 1, 2009, to revise a provision of the Michigan Business Tax that governs how financial institutions are taxed on business done within Michigan and outside it. The change would give organizations that have reorganized as financial institutions an alternative option for calculating their in-state/out-of-state taxable revenue apportionment. Note: this primarily applies to GMAC.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on December 2, 2009.
• Passed 37 to 0 in the Senate on December 2, 2009, to concur with the House-passed version of the bill.
  Who Voted "Yes" and Who Voted "No"
• Signed by Gov. Jennifer Granholm on December 10, 2009.