SB 1186 Creates a tax credit for qualified equity investments
Sponsor: Engler
LR Number: 5453S.01I Fiscal Note: 5453-01
Committee: Ways & Means
Last Action: 4/6/2006 - Voted Do Pass S Ways & Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2006

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Current Bill Summary

SB 1186 - This act creates a tax credit equal to five percent of the adjusted purchase price paid to the issuer of a qualified equity investment. Tax credits issued under this act are non-refundable, but may be carried forward until used. The act allows for state recapture of credits where permissible under federal law. The provisions of this act shall automatically sunset six years from the effective date of the act if not re-authorized.