2007 House Bill 5412 / Public Act 206

Revise gross receipts definition for private equity funds

Introduced in the House

Nov. 7, 2007

Introduced by Rep. Steve Bieda (D-25)

To authorize a credit against the Michigan Business Tax for a private equity fund that would have the effect of ensuring the business pays tax on its Michigan activities but not those in other states.

Referred to the Committee on Tax Policy

Dec. 6, 2007

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Substitute offered by Rep. Steve Bieda (D-25)

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the House 103 to 0 (details)

To authorize a credit against the Michigan Business Tax for a private equity fund that would have the effect of ensuring the business pays tax on its Michigan activities but not those in other states.

Received in the Senate

Dec. 11, 2007

Referred to the Committee of the Whole

Dec. 13, 2007

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the Senate 33 to 0 (details)

To authorize a credit against the Michigan Business Tax for a private equity fund that would have the effect of ensuring the business pays tax on its Michigan activities but not those in other states.

Received in the House

Dec. 13, 2007

To concur with the Senate-passed version of the bill.

Passed in the House 106 to 1 (details)

Signed by Gov. Jennifer Granholm

Dec. 27, 2007