November 1, 2007, Introduced by Senator JACOBS and referred to the Committee on Finance.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
by amending section 263 (MCL 208.1263).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 263. (1) Every financial institution with nexus in this
state as determined under section 200 is subject to a franchise tax
levied and imposed under this act. The franchise tax is imposed
upon the tax base of the financial institution as determined under
section 265 after allocation or apportionment to this state, at the
rate of 0.235%.
(2)
The tax under this chapter is in lieu of the a tax
levied
and imposed under chapter 2 of this act.
Enacting section 1. This amendatory act takes effect January
1, 2008 and applies to all business activity occurring after
December 31, 2007.
Enacting section 2. This amendatory act does not take effect
unless all of the following bills of the 94th Legislature are
enacted into law:
(a) Senate Bill No. 874.
(b) Senate Bill No. 875.
(c) Senate Bill No. 873.
(d) Senate Bill No. 870.
(e) Senate Bill No. 871.