April 17, 2008, Introduced by Senators ALLEN, KAHN, BARCIA, STAMAS, SWITALSKI and GLEASON 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 432d.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 432d. (1) For the 2023 tax year, a qualified taxpayer
that has received a certificate under section 432 may claim a
credit equal to the product obtained by multiplying 25% of the
qualified consumption of electricity times the difference between
the projected cost of electricity and the guaranteed cost of
electricity.
(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.