***** 208.1439 THIS SECTION IS REPEALED BY ACT 90 OF 2019 EFFECTIVE FOR TAX YEARS THAT BEGIN AFTER DECEMBER 31, 2031 *****
Sec. 439.
(1) A taxpayer may claim a credit against the tax imposed by this act equal to $1.00 per long ton of qualified low-grade hematite consumed in an industrial or manufacturing process that is the business activity of the taxpayer.
(2) If the credit allowed under this section for the tax year and any unused carryforward of the credit allowed under this section exceed the tax liability of the taxpayer for the tax year, the excess shall not be refunded, but may be carried forward as an offset to the tax liability in subsequent tax years for 5 tax years or until the excess credit is used up, whichever occurs first.
(3) The credit under this section shall be based on low-grade hematite consumed on and after January 1, 2000.
(4) As used in this section:
(a) "Consumed in an industrial or manufacturing process" means a process in which low-grade hematite is used as a raw material in the production of pig iron or steel.
(b) "Low-grade hematite" means any hematitic iron formation that is not of sufficient quality in its original mineral state to be mined and shipped for the production of pig iron or steel without first being drilled, blasted, crushed, and ground very fine to liberate the iron minerals and for which additional beneficiation and agglomeration are required to produce a product of sufficient quality to be used in the production of pig iron or steel.
(c) "Qualified low-grade hematite" means pellets produced from low-grade hematitic iron ore mined in the United States.
History: 2007, Act 36, Eff. Jan. 1, 2008 Compiler's Notes: Enacting section 1 of Act 36 of 2007 provides:"Enacting section 1. This act takes effect January 1, 2008 and applies to all business activity occurring after December 31, 2007."Popular Name: MBT
Structure Michigan Compiled Laws
Act 36 of 2007 - Michigan Business Tax Act (208.1101 - 208.1601)
36-2007-4 - Chapter 4 (208.1400...208.1471)
Section 208.1400 - Taxpayer; Scope.
Section 208.1401 - Application of Unused Carryforward.
Section 208.1405 - Taxpayer's Research and Development Expenses; Tax Credit; Limitation; Definition.
Section 208.1410 - Tax Credit; "Eligible Taxpayer" Defined.
Section 208.1410a - Tax Credit; "Eligible Taxpayer" Defined.
Section 208.1411 - Tax Credit; Gross Receipts Greater Than $350,000.00 but Less Than $700,000.00.
Section 208.1422 - Taxpayer Making Charitable Contributions; Tax Credit; Limitation; Refund.
Section 208.1430 - Facility Developing and Manufacturing Photovoltaic Technology; Tax Credit.
Section 208.1432c - For 2022 Tax Year; Tax Credit; "Qualified Consumption of Electricity" Defined.
Section 208.1435 - Rehabilitation of Historic Resource; Tax Credit; Definitions.
Section 208.1441 - Michigan Entrepreneurial Credit; Conditions; Definitions.
Section 208.1446 - Ownership, Operation, or Control of Exhibition Open to Public; Tax Credit.
Section 208.1447 - Tax Credit Equal to 1.0% of Taxpayer's Compensation; "Eligible Taxpayer" Defined.
Section 208.1449 - Tax Credit Equal to 0.125% of Taxpayer's Compensation.
Section 208.1450 - Research and Development of Qualified Technology; Tax Credit; Definitions.
Section 208.1451 - Tax Credit; Excess Amount; Refund Prohibited; Definitions.
Section 208.1453 - Private Equity Fund Manager; Tax Credit; Definitions.
Section 208.1457 - Qualified Film and Digital Media Infrastructure Project; Tax Credit.
Section 208.1459 - Eligible Production Company; Tax Credit.
Section 208.1461 - Tax Credit by Taxpayer Other Than Regulated Utility.