MBT "TAX YEAR" DEFINITION H.B. 4709 (H-1):
FLOOR SUMMARY
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House Bill 4709 (Substitute H-1 as reported without amendment)
Sponsor: Representative Tim Melton
House Committee: Tax Policy
Senate Committee: Finance
Date Completed: 10-22-09
CONTENT
The bill would amend the Michigan Business Tax Act to provide that if the term "tax year" in the Act were used in reference to one or more previous or preceding tax years that were before January 1, 2008, those tax years would be deemed the same tax years during which the former Single Business Tax Act was in effect.
The bill would be retroactive and effective for tax years beginning after December 31, 2007.
(January 1, 2008, is the date on which the Michigan Business Tax Act took effect, replacing the Single Business Tax Act.)
MCL 208.117 Legislative Analyst: Suzanne Lowe
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 10-22-09 Fiscal Analyst: David Zin
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb4709/0910