August 29, 2007, Introduced by Reps. Brown, Ball, Polidori, Kathleen Law, Knollenberg, Leland, Espinoza, Mayes, Byrum, Constan and Melton and referred to the Committee on Energy and Technology.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
(MCL 208.1101 to 208.1601) by adding section 451.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 451. (1) For tax years that begin on or after January 1,
2008, a qualified taxpayer that utilizes innovative technologies
may claim a credit against the tax imposed by this act equal to 10%
of the amount expended to implement the new innovative
technologies, not to exceed $250,000.00 per tax year per each
taxpayer.
(2) If the credit allowed under this section for the tax year
exceeds the tax liability of the taxpayer for the tax year, the
excess shall not be refunded.
(3) A taxpayer shall not claim a credit under this section
unless the taxpayer attaches receipts or other written
documentation approved by the department that is evidence of the
amount expended during the tax year to the annual return for which
the credit under this section is claimed.
(4) As used in this section:
(a) "Bioenergy" means heat or electricity produced from the
thermal, mechanical, or biological processing of biomass. Bioenergy
does not include heat or electricity produced from the direct
combustion of biomass.
(b) "Biofuels" means ethanol, biodiesel, butanol, or other
liquid fuels produced from biomass.
(c) "Biomass" means any organic matter that is available on a
renewable or recurring basis, including, but not limited to,
agricultural crops, certain trees and grasses, plants, wood
residues, forest industry residues, food processing wastes,
municipal solid wastes, and agricultural residues and wastes such
as cornstalks, corncobs, and manure.
(d) "Bioproducts" means industrial, commercial, or consumer
products made with, or composed in whole or in significant part of,
fibers, solid, liquid, or gaseous chemicals, proteins,
carbohydrates, lipids, minerals, or any other substance produced
from biomass.
(e) "Ethanol" means an alcohol with a molecular formula of
CH3CH2OH.
(f) "Ethanol plant" means a facility that produces ethanol
from corn kernels for use as fuel or fuel additive.
(g) "Innovative technologies" means technologies that reduce
the costs of converting corn into ethanol, that reduce energy
consumption used during the conversion of corn into ethanol, that
enable the co-processing of corn and other biomass into ethanol or
other biofuels, that increase the yield of ethanol, or that
facilitate the production of other useful biofuels, bioenergy, and
bioproducts.
(h) "Qualified taxpayer" means a taxpayer that owns and
operates a corn processing ethanol plant on January 1, 2008.
Enacting section 1. This amendatory act takes effect January
1, 2008.