CORPORATION ANNUAL REPORT FEE - S.B. 570 (S-2): FLOOR ANALYSIS
Senate Bill 570 (Substitute S-2 as reported)
CONTENT
The bill would amend the Business Corporation Act to increase the annual report fee required of all domestic and foreign corporations registered in the State of Michigan from $15.00 to $25.00 and change the allowable use of those fees from the administration of the Act to the administration of the Department of Consumer and Industry Services.
The bill also would sunset the fee increase on September 30, 2007. The fee would revert to the current level on that date.
FISCAL IMPACT
The bill would generate approximately $2.5 million in additional revenue, which would replace General Fund/General Purpose funding for the support of basic operations of the Department of Consumer and Industry Services as well as the Bureau of Workers’ and Unemployment Compensation.
Date Completed: 6-18-03 - Fiscal Analyst: Maria TyszkiewiczFloor\sb570 - Bill Analysis @ www.senate.michigan.gov/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.