Introduced
by
To establish a refundable Single Business Tax credit equal to 10 percent of the personal property tax paid by a firm. Personal property tax is a tax on the tools and equipment of a business and is levied at the same rate as regular property taxes on real property (land and buildings).
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that makes the credit 15 percent, limits it to industrial tools and equipment and makes it temporary.
The substitute passed by voice vote
Substitute offered
by
To only apply the credit to personal property taxes levied after 2005.
The substitute failed by voice vote
Amendment offered
by
To not give the tax credit to firms that are based in a "tax haven" country, or are located here "for the purpose of inducing the enterprise to locate outside" Michigan or the U.S., or that "contribute to the violation of internationally recognized workers rights" of workers in other countries (including "acceptable" miniumum wages and occupational health and safety regulations), and more.
The amendment failed 47 to 55 (details)
Amendment offered
by
To prohibit allowing a firm to claim the tax credit unless it files annual reports to the legislature with details regarding changes in its Michigan employment levels.
The amendment failed 47 to 56 (details)
Amendment offered
by
To prohibit allowing a firm to claim the tax credit if it has violated certain federal pension law regulations.
The amendment failed 38 to 37 (details)
Passed in the House 101 to 2 (details)
To authorize a temporary refundable Single Business Tax credit equal to 15 percent of the property taxes paid by businesses to the state and local governments on industrial (but not commercial) tools and equipment ("personal property tax") in 2006 only. Other bills in the package would offer the tax break through 2009.
Referred to the Committee of the Whole
Amendment offered
To clarify that a firm must pay its personal property taxes on time, and then gets the SBT credit later.
The amendment passed by voice vote
Passed in the Senate 35 to 2 (details)
To authorize a temporary refundable Single Business Tax credit equal to 15 percent of the property taxes paid by businesses to the state and local governments on industrial (but not commercial) tools and equipment ("personal property tax") in 2006 only. Other bills in the package would offer the tax break through 2009.
Passed in the House 106 to 2 (details)
To concur with the Senate-passed version of the bill.
