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MICHIGAN STATUTES AND CODES
Section 208.1447 - Tax credit equal to 1.0% of taxpayer's compensation; "eligible taxpayer" defined.
Act 36 of 2007
208.1447 Tax credit equal to 1.0% of taxpayer's compensation; "eligible taxpayer" defined.
Sec. 447.
(1) An eligible taxpayer may claim a credit against the tax imposed by this act equal to 1.0% of the taxpayer's compensation in this state, not to exceed $8,500,000.00.
(2) If the amount of the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that excess shall not be refunded and shall not be carried forward as an offset to the tax liability in subsequent tax years.
(3) A taxpayer that claims a credit under this section shall not claim a credit under section 449.
(4) As used in this section, "eligible taxpayer" means a taxpayer that meets all of the following conditions:
(a) Operates at least 17,000,000 square feet of enclosed retail space and 2,000,000 square feet of enclosed warehouse space in this state.
(b) Sells all of the following at retail:
(i) Fresh, frozen, or processed food, food products, or consumable necessities.
(ii) Prescriptions and over-the-counter medications.
(iii) Health and beauty care products.
(iv) Cosmetics.
(v) Pet products.
(vi) Carbonated beverages.
(vii) Beer, wine, or liquor.
(c) Sales of the items listed in subdivision (b) represent more than 35% of the taxpayer's total sales in the tax year.
(d) Maintains its headquarters operation in this state.
History: 2007, Act 36, Eff. Jan. 1, 2008 ;-- Am. 2007, Act 145, Eff. Jan. 1, 2008
Compiler's Notes: Enacting section 1 of Act 36 of 2007 provides:"Enacting section 1. This act takes effect January 1, 2008 and applies to all business activity occurring after December 31, 2007."Enacting section 3 of Act 145 of 2007 provides:"Enacting section 3. Sections 281 and 451 of the Michigan business tax act, 2007 PA 36, MCL 208.1281 and 208.1451, as added by this amendatory act, and sections 105, 111, 113, 201, 239, 265, 403, 405, 409, 413, 445, 447, 515, and 601 of the Michigan business tax act, 2007 PA 36, MCL 208.1105, 208.1111, 208.1113, 208.1201, 208.1239, 208.1265, 208.1403, 208.1405, 208.1409, 208.1413, 208.1445, 208.1447, 208.1515, and 208.1601, as amended by this amendatory act, take effect January 1, 2008 and apply to all business activity occurring after December 31, 2007."
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