November 12, 2008, Introduced by Senators RICHARDVILLE and SANBORN and referred to the Committee on Finance.
A bill to amend 1941 PA 122, entitled
"An act to establish the revenue collection duties of the
department of treasury; to prescribe its powers and duties as the
revenue collection agency of this state; to prescribe certain
powers and duties of the state treasurer; to establish the
collection duties of certain other state departments for money or
accounts owed to this state; to regulate the importation, stamping,
and disposition of certain tobacco products; to provide for the
transfer of powers and duties now vested in certain other state
boards, commissions, departments, and offices; to prescribe certain
duties of and require certain reports from the department of
treasury; to provide procedures for the payment, administration,
audit, assessment, levy of interests or penalties on, and appeals
of taxes and tax liability; to prescribe its powers and duties if
an agreement to act as agent for a city to administer, collect, and
enforce the city income tax act on behalf of a city is entered into
with any city; to provide an appropriation; to abolish the state
board of tax administration; to prescribe penalties and provide
remedies; and to declare the effect of this act,"
(MCL 205.1 to 205.31) by adding section 18a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 18a. The department shall report to both houses of the
legislature yearly on October 1 on the activities of the department
regarding the new markets tax credits authorized under section 465
of the Michigan business tax act, 2007 PA 36, MCL 208.1465, section
279 of the income tax act of 1967, 1967 PA 281, MCL 206.279, and
section 476a of the insurance code of 1956, 1956 PA 218, MCL
500.476a. The report shall include, but is not limited to, all of
the following:
(a) The total amount of qualified equity investments attracted
under section 465 of the Michigan business tax act, 2007 PA 36, MCL
208.1465, section 279 of the income tax act of 1967, 1967 PA 281,
MCL 206.279, and section 476a of the insurance code of 1956, 1956
PA 218, MCL 500.476a.
(b) The total number of qualified taxpayers that claimed a
credit under section 465 of the Michigan business tax act, 2007 PA
36, MCL 208.1465, section 279 of the income tax act of 1967, 1967
PA 281, MCL 206.279, and section 476a of the insurance code of
1956, 1956 PA 218, MCL 500.476a.
(c) The total amount of credits awarded under section 465 of
the Michigan business tax act, 2007 PA 36, MCL 208.1465, section
279 of the income tax act of 1967, 1967 PA 281, MCL 206.279, and
section 476a of the insurance code of 1956, 1956 PA 218, MCL
500.476a.
(d) Name and location of all qualified taxpayers and qualified
community development entities and the names and addresses of all
of the following:
(i) The directors and officers of the corporation if the
qualified taxpayer is a corporation.
(ii) The partners of the partnership or limited liability
partnership if the qualified taxpayer is a partnership or limited
liability partnership.
(iii) The members of the limited liability company if the
qualified taxpayer is a limited liability company.
(e) The amount and duration of the tax credit separately for
each qualified taxpayer.
(f) The total number of certificates issued to qualified
community development entities pursuant to section 465 of the
Michigan business tax act, 2007 PA 36, MCL 208.1465, section 279 of
the income tax act of 1967, 1967 PA 281, MCL 206.279, and section
476a of the insurance code of 1956, 1956 PA 218, MCL 500.476a.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 1625
of the 94th Legislature is enacted into law.