Credit For Tax Liability Attributable To Qualified Business Activity In Enterprise Zone; Limitation; Definitions - Mich. Comp. Laws Section 208.37a

***** 208.37a THIS SECTION IS REPEALED BY ACT 325 OF 2006 EFFECTIVE DECEMBER 31, 2007 *****

Sec. 37a.

(1) A taxpayer that is a qualified business may credit against the tax imposed by section 31 an amount equal to the tax liability attributable to qualified business activity in an enterprise zone.

(2) The tax liability attributable to qualified business activity in an enterprise zone is the tax liability imposed by this act after the calculation of the credits provided in sections 36, 37, 38, and 39 multiplied by 1 of the following:

(a) For a qualified new business, a fraction the numerator of which is the ratio of property located in the enterprise zone to all property located in this state plus the ratio of payroll in the enterprise zone to all payroll in this state and the denominator of which is 2.

(b) For a qualified existing business, a fraction the numerator of which is the ratio of the value of a new facility to all property located in this state plus the ratio of payroll attributable to the new facility to all payroll in this state and the denominator of which is 2.

(3) The credit allowed under this section shall not exceed the tax liability of the taxpayer for the tax year.

(4) As used in this section, "enterprise zone", "new facility", "qualified business activity", "qualified existing business", and "qualified new business" mean those terms as defined in the enterprise zone act.