Last week the governor signed Public Act 270 of 2008 (PA 270).  Effective for tax years starting on or after January 1, 2009, the new law allows a taxpayer that has entered into an agreement with the Michigan Economic Growth Authority (Authority) and that provides that the taxpayer will create at least 700 qualified new jobs; make at least $50 million in a qualified capital investment ($25 million of which must be made before a certificate is issued); and constructs and operates in Michigan a new facility for development and manufacture of photovoltaic energy, photovoltaic systems, or other photovoltaic technology to claim a credit against the Michigan Business Tax equal to 50% of the capital investments made by the taxpayer in that new facility during the tax year.  The credit must be taken by the taxpayer in equal installments over two years starting with the tax year in which the certification was issued by the Authority.  If in any of those years the credit exceeds the taxpayer's or assignee's tax liability for the year, the excess must be refunded. The Authority cannot enter into an agreement with a taxpayer after November 1, 2008 and the total amounts of the credit for all tax years cannot exceed $25 million.  The taxpayer may assign all or part of the credit.  If a taxpayer or assignee that claims the credit later fails to meet the requirements of the credit or any conditions established by the agreement with the Authority, may, as determined by the Authority, have its credit reduced or terminated or have a percentage of the credit amount previously claimed added back to the taxpayer's tax liability in the year that the taxpayer or assignee fails to comply.