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Committee advances bill letting businesses and state alter Renaissance-zone tax-credit agreements early
Summary
The House Tax Policy Committee advanced HB 5937, which would allow early termination and modification of Renaissance-zone tax credits to ease the MBT-to-CIT transition; proponents call it a narrow fix and identified one known affected taxpayer in West Michigan.
Chair Neely presented House Bill 5937 to the Tax Policy Committee as a narrow technical fix to transition provisions between the Michigan Business Tax and the Corporate Income Tax. The bill would allow both a taxpayer and the Michigan Strategic Fund to agree to an early change to a Renaissance-zone tax-credit agreement before the renozone designation expires under statute.
"This bill allowed the early termination of the Renaissance zone…
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