Michigan Laws 208.1447 – Tax credit equal to 1.0% of taxpayer’s compensation; “eligible taxpayer” defined
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Terms Used In Michigan Laws 208.1447
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(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.