May 4, 2010, Introduced by Reps. DeShazor, Amash, McMillin, Genetski, Agema, Haveman, Paul Scott, Calley, Green, Meekhof, Meltzer, Walsh, Daley, Crawford, Lund, Rogers, Kowall and Booher and referred to the Committee on Tax Policy.
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. 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 following
rates in the following circumstances:
(a) For tax years that begin after December 31, 2007 and
before January 1, 2011, 0.235%.
(b) For tax years that begin after December 31, 2010, 0.21%.
(2) The tax under this chapter is in lieu of the tax levied
and imposed under chapter 2 of this act.
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 95th Legislature are
enacted into law:
(a) House Bill No. 5249.
(b) Senate Bill No.____ or House Bill No. 6104(request no.
04275'09).
(c) Senate Bill No.____ or House Bill No. 6103(request no.
05669'09).
(d) Senate Bill No.____ or House Bill No. 6105(request no.
05670'09).
(e) Senate Bill No.____ or House Bill No. 6107(request no.
05672'09).
(f) Senate Bill No.____ or House Bill No. 6112(request no.
05673'09).
(g) Senate Bill No.____ or House Bill No. 6113(request no.
05675'09*).
(h) Senate Bill No.____ or House Bill No. 6109(request no.
05676'09).
(i) Senate Bill No.____ or House Bill No. 6110(request no.
05677'09).
(j) Senate Bill No.____ or House Bill No. 6116(request no.
05678'09).
(k) Senate Bill No.____ or House Bill No. 6114(request no.
05679'09).
(l) Senate Bill No.____ or House Bill No. 6117(request no.
05680'09).
(m) Senate Bill No.____ or House Bill No. 6108(request no.
05681'09).
(n) Senate Bill No.____ or House Bill No. 6119(request no.
05930'10).
(o) Senate Bill No.____ or House Bill No. 6111(request no.
05931'10).
(p) Senate Bill No.____ or House Bill No. 6115(request no.
05932'10).
(q) Senate Bill No.____ or House Bill No. 6118(request no.
05933'10).