2007 House Bill 5118 (Clarify Michigan Business Tax provision ) (Senate Roll Call 977)
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. [History, Amendments & Comments]
The vote was 31 in favor, 0 opposed, and 7 not voting
(Senate Roll Call 977 at Senate Journal 94)
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The following legislators supported 2007 House Bill 5118 (Clarify Michigan Business Tax provision ):
The following legislators opposed 2007 House Bill 5118 (Clarify Michigan Business Tax provision ):
The following legislators did not vote on 2007 House Bill 5118 (Clarify Michigan Business Tax provision ):
| Basham (D) | Birkholz (R) | Brater (D) | Hunter (D) | Jelinek (R) | Patterson (R) |
| Sanborn (R) |
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1) 2007 House Bill 5118 (Clarify Michigan Business Tax provision ) [by admin on January 1, 2001]Introduced in the House 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
The vote was 108 in favor, 0 opposed and 2 not voting
(House Roll Call 449 at House Journal 104)
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