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Contact Information:
Edward S. Kisscorni, CPA
290 Suncrest Court, SW
Grandville, MI 49418

Office: 616/233-0667
Cell: 616/443-6730
Fax: 616/233-0667

Blog: www.EdKisscorni.com/Blog1
Email: Ed@EdKisscorni.com
 



 



 

 Blog 
Thursday, July 01 2010

Public Act 103 of 2010 (PA 2010-103) extended the sunset for the Michigan International Speedway credit available against the Michigan Business Tax.  It has been extended to tax years ending before January 1, 2017.  Previously, the credit was available through tax years ending before January 1, 2013.  For the 2012 tax year, the credit is capped at the lesser of $1.58 million (previously, $1.05 million) or the taxpayer's tax liability.  For tax years that begin on or after December 1, 2012, and end before January 1, 2017, the amount of the credit is equal to the amount of capital expenditures in Michigan on infield renovation, grandstand and infrastructure upgrades, and any other construction and upgrades.  During this extended availability, the credit is capped at the lesser of $1.58 million or the taxpayer's tax liability before the calculation of the credit for professional fees, additional police officers and traffic management devices to ensure traffic and pedestrian safety while hosting motorsports events.  To be eligible for the extended credit, the taxpayer must spend at least $32 million on capital expenditures after 2010 and before 2016.

 

Posted by: Ed Kisscorni AT 08:22 am   |  Permalink   |  0 Comments  |  Email
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