October 18, 2007, Introduced by Reps. Bieda, Angerer, Calley and Condino and referred to the Committee on Tax Policy.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
by amending section 239 (MCL 208.1239).
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 that does not make any of the
payments
described under section 237(1)(a) through (d) may claim a
credit against the tax imposed under this act as provided under
section
403(2). , not to exceed 65% of the insurance company's tax
liability
for the tax year after claiming the other credits allowed
by
this chapter.
Enacting section 1. This amendatory act takes effect January
1, 2008.