Michigan Compiled Laws
36-2007-4 - Chapter 4 (208.1400...208.1471)
Section 208.1432d - For 2023 Tax Year; Tax Credit; Electricity; "Qualified Consumption of Electricity" Defined.

***** 208.1432d THIS SECTION IS REPEALED BY ACT 90 OF 2019 EFFECTIVE FOR TAX YEARS THAT BEGIN AFTER DECEMBER 31, 2031 *****
Sec. 432d.
(1) For the 2023 tax year, a qualified taxpayer that has received a certificate under section 432 may claim a credit equal to the product obtained by multiplying 25% of the qualified consumption of electricity times the difference between the projected cost of electricity and the guaranteed cost of electricity.
(2) If the credit allowed under this section exceeds the tax liability of the qualified taxpayer for the tax year, the qualified taxpayer may elect to have that portion that exceeds the tax liability of the qualified taxpayer refunded or to have the excess carried forward to offset the tax liability in subsequent years for 10 years or until used up, whichever occurs first.
(3) As used in this section, "qualified consumption of electricity" means up to 1,445,400 megawatt hours of electricity consumed during the tax year at a facility described by an agreement entered into under section 432.
History: Add. 2008, Act 264, Imd. Eff. Aug. 6, 2008 Popular Name: MBT

Structure Michigan Compiled Laws