HB-5958, As Passed House, June 24, 2004

SUBSTITUTE FOR

HOUSE BILL NO. 5958

                                                                             A bill to amend 1975 PA 228, entitled                                             

"Single business tax act,"                                                  

(MCL 208.1 to 208.145) by adding section 37g.                               

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1   Sec. 37g.  (1) For tax years that begin before January 1,                   

2   2007, a taxpayer that is a motion picture production company that           

3   has spent $250,000.00 or more in this state for purposes related            

4   to the filming or production of a single motion picture may claim           

5   a credit against the tax imposed by this act equal to the tax               

6   liability attributable to business activity in this state that is           

7   attributable to the filming or production of that motion                    

8   picture.                                                                    

9   (2) If the credit allowed under this section for the tax year               

10  and any unused carryforward of the credit allowed under this                

11  section exceed the tax liability of the taxpayer for the tax                

1   year, the excess shall not be refunded, but may be carried                  

2   forward as an offset to the tax liability in subsequent tax years           

3   for 5 tax years or until the excess credit is used up, whichever            

4   occurs first.                                                               

5       (3) This section applies only to the tax liability of a                     

6   motion picture production company attributable to the production            

7   of a motion picture that begins after the effective date of the             

8   amendatory act that added this section.                                     

9       (4) As used in this section, "motion picture" and "motion                   

10  picture production company" mean those terms as defined in                  

11  section 37h.

12      Enacting section 1.  This amendatory act does not take                      

13  effect unless House Bill No. 6027 of the 92nd Legislature is                

14  enacted into law.