To make changes clarifying the intent of a 2012 law revising the former Michigan Business Tax related to for amounts attributable to the taxpayer due to a discharge of indebtedness, and other factors. Some firms that benefit from selective state tax break/subsidy deals still file under this repealed tax.   Official Text and Analysis.

With the recommendation that the bill pass.

To replace the previous version of the bill with one that adds additional detail changes to the MBT's treatment of various business transactions and events.

To make changes clarifying the intent of a 2012 law revising the former Michigan Business Tax related to for amounts attributable to the taxpayer due to a discharge of indebtedness, and other factors.

Without amendment and with the recommendation that the bill pass.

To use the bill as a "vehicle" for the purpose described in the House-passed version, related to a recent Supreme Court ruling.

To clarify a statutory reference in the bill.

To clarify the legislative intent of provisions in the Michigan Business Tax, so as to reverse the effect of a recent state Supreme Court ruling (IBM v. Treasury) that reportedly would force the state to refund more than $1 billion to many companies located out of the state. The case involved the interaction of a multistate Tax Compact the state entered in 2006 with provisions of the MBT, which was repealed in 2011 (but is still in effect for certain companies that received subsidies and tax breaks under its provisions). According to the Senate Fiscal Agency, the bill would also reduce the tax liability of certain firms going forward by a significant amount over the next 15 years.