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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