2008 House Bill 6289

Exempt canceled debt on foreclosed property from MBT

Introduced in the House

June 26, 2008

Introduced by Rep. Andy Meisner (D-27)

To exempt from inclusion in the tax base subject to the income tax component of the Michigan Business Tax income derived from the cancellation of debt related to the foreclosure of property owned by the taxpayer and used in the taxpayer's regular business. Note: Under federal tax law cancelled debt of this sort is considered taxable income.

Referred to the Committee on Tax Policy