HB-5463, As Passed Senate, April 16, 2008

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 5463

     A bill to amend 2007 PA 36, entitled

"Michigan business tax act,"

by amending section 410 (MCL 208.1410).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

Sec. 410. (1) For tax years that begin on or after January 1,

2008 and end before January 1, 2013, an eligible taxpayer may claim

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

following:

     (a) For the 2008 through 2010 tax years, 65% of the eligible

taxpayer's total tax liability imposed under this act not to exceed

$1,700,000.00.

     (b) For the 2011 tax year, 45% of the eligible taxpayer's

total tax liability imposed under this act not to exceed

$1,180,000.00.

     (c) For the 2012 tax year, 25% of the eligible taxpayer's

total tax liability imposed under this act not to exceed

$650,000.00.

     (2) As used in this section, "eligible taxpayer" means a

taxpayer that satisfies each of the following:

     (a) Is is, collectively or individually, including through

affiliated companies, an owner, operator, manager, licensee,

lessee, or tenant of more than 1 facility or stadium in this state,

including grounds and ancillary facilities, that has a capacity of

at least 14,000 patrons per facility and is primarily used for

professional sporting events or other entertainment .

     (b) The owner, operator, manager, licensee, lessee, or tenant

as described in subdivision (a) has made a capital investment of

not less than $250,000,000.00, collectively or individually,

including through affiliated companies, into the construction cost

of a facility or stadium for which the taxpayer qualifies for this

credit.

     (c) The owner, operator, manager, licensee, lessee, or tenant

as described in subdivision (a) and that has not received proceeds

from a state appropriation , or a public bond issue from a local

unit of government or public authority , or a state or local tax or

fee to assist in the construction or debt retirement of the

facility, other than excluding a tax abatement, other waiver of a

state or local tax or fee, or a state or local tax or fee from a

public entity for road or infrastructure assistance.

     Enacting section 1. This amendatory act does not take effect

unless Senate Bill No. 1118 of the 94th Legislature is enacted into

law.