SB-1266, As Passed Senate, April 24, 2008
April 17, 2008, Introduced by Senators GLEASON, KAHN, STAMAS, ALLEN, BARCIA and SWITALSKI and referred to the Committee on Commerce and Tourism.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
(MCL 208.1101 to 208.1601) by adding section 432a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 432a. (1) For tax years that begin after December 31,
2011 and before January 1, 2016, a qualified taxpayer that has
received a certificate under section 432 may claim a credit equal
to the product obtained by multiplying the qualified consumption of
electricity times the difference between the guaranteed cost of
electricity and the actual delivered price of electricity billed to
the qualified taxpayer under a tariff rate approved by the public
service commission or the projected cost of electricity, whichever
is less.
(2) If the credit allowed under this section exceeds the tax
liability of the qualified taxpayer for the tax year, the qualified
taxpayer may elect to have that portion that exceeds the tax
liability of the qualified taxpayer refunded or to have the excess
carried forward to offset the tax liability in subsequent years for
10 years or until used up, whichever occurs first.
(3) As used in this section, "qualified consumption of
electricity" means up to 1,445,400 megawatt hours of electricity
consumed during the tax year at a facility described by an
agreement entered into under section 432.