HOUSE BILL NO. 4298

March 06, 2019, Introduced by Reps. Witwer, Hood, Gay-Dagnogo, Warren, Lasinski, Love, Brixie, Cherry, Kennedy, Brenda Carter, Stone, Cynthia Johnson, Anthony, Kuppa, Wittenberg, Camilleri, Clemente, Bolden, Garza, Shannon, Pohutsky, Tyrone Carter, Tate, Byrd, Robinson, Cambensy, Sabo, Whitsett, Haadsma, Elder, Hope, Hertel, Pagan, Koleszar, Hoadley, Liberati, Manoogian, Coleman, LaGrand, Peterson, Hammoud, Sneller, Jones, Yancey, Sowerby, Ellison and Rabhi and referred to the Committee on Tax Policy.

A bill to amend 1967 PA 281, entitled

"Income tax act of 1967,"

by amending section 272 (MCL 206.272), as amended by 2011 PA 38.

the people of the state of michigan enact:

Sec. 272. (1) For the following tax years that begin after December 31, 2007, a taxpayer may credit against the tax imposed by this act an amount equal to the specified percentages of the credit the taxpayer is allowed to claim as a credit under section 32 of the internal revenue code for a tax year on a return filed under this act for the same tax year:

(a) For tax years that begin after December 31, 2007 and before January 1, 2009, 10%.

(b) For tax years that begin after December 31, 2008 and before January 1, 2012, 20%.

(c) For tax years that begin after December 31, 2011 and before January 1, 2019, 6%.

(d) For tax years that begin after December 31, 2019, 20%.

(2) If the credit allowed by this section exceeds the tax liability of the taxpayer for the tax year, the state treasurer shall refund the excess to the taxpayer without interest, except as provided in section 30 of 1941 PA 122, MCL 205.30.