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Mackinac Center for Public Policy
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2013 Senate Bill 516: Convert certain bank tax breaks to cash subsidies
  1. Introduced by Sen. Darwin Booher (R) on September 19, 2013, to revise details of the "franchise tax" imposed on financial institutions, including the "apportionment" of the tax to earnings generated in other states, and the application of the tax given different ownership structures.
    • Referred to the Senate Finance Committee on September 19, 2013.
      • Reported in the Senate on November 14, 2013, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
    • Substitute offered in the Senate on December 3, 2013. The substitute passed by voice vote in the Senate on December 3, 2013.
  2. Passed 36 to 0 in the Senate on December 4, 2013.
    Who Voted "Yes" and Who Voted "No"

  3. Received in the House on December 4, 2013.
    • Referred to the House Tax Policy Committee on December 4, 2013.
      • Reported in the House on March 12, 2014, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.

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