HB-5327, As Passed House, March 11, 2008

SUBSTITUTE FOR

HOUSE BILL NO. 5327

     A bill to amend 2007 PA 36, entitled

"Michigan business tax act,"

by amending section 239 (MCL 208.1239), as amended by 2007 PA 145.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 239. (1) An insurance company shall be allowed a credit

against the tax imposed under this chapter in an amount equal to

50% of the examination fees paid by the insurance company during

the tax year pursuant to section 224 of the insurance code of 1956,

1956 PA 218, MCL 500.224.

     (2) An insurance company may claim a credit against the tax

imposed under this act as provided under section 403(2), not to

exceed 65% the following:

     (a) For the 2008 tax year, 50% of the insurance company's tax

liability for the tax year after before claiming the other credits

allowed by this chapter.

     (b) For the 2009 tax year and each tax year after 2009, 52% of

the insurance company's tax liability for the tax year before

claiming the other credits allowed by this chapter.

     Enacting section 1. This amendatory act is retroactive and

effective for taxes levied on and after January 1, 2008.