May 28, 2003, Introduced by Senators BERNERO, BRATER, GOSCHKA and ALLEN and referred to the Committee on Local, Urban and State Affairs.
A bill to amend 1975 PA 228, entitled
"Single business tax act,"
(MCL 208.1 to 208.145) by adding section 37e.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 37e. (1) For tax years beginning after December 31,
2 2002 and except as otherwise provided in this section, a
3 qualified taxpayer may claim a credit equal to 105% of the amount
4 of contributions made by the taxpayer in the tax year to the
5 Michigan housing and community development fund.
6 (2) The department with the approval of the Michigan state
7 housing development authority shall determine the maximum credit
8 allowable under this section for each qualified taxpayer that
9 makes contributions to the Michigan housing and community
10 development fund in a tax year and issue each qualified taxpayer
11 a certificate of credit that indicates the maximum amount of
1 credit the taxpayer may claim.
2 (3) Contributions used to calculate the qualified taxpayer's
3 allowable credit amount as determined under subsection (2) shall
4 not exceed 50% of the qualified taxpayer's tax liability for the
5 tax year.
6 (4) The maximum amount of total credits allowable under this
7 section for each tax year is the amount calculated by multiplying
8 $3.00 times the population of this state as determined by the
9 most recent federal decennial census. The dollar amount under
10 this section shall be adjusted annually to reflect any increase
11 in the United States consumer price index for the immediately
12 preceding calendar year.
13 (5) If the credit allowed under this section for the tax year
14 and any unused carryforward of the credit allowed by this section
15 exceed the taxpayer's tax liability for the tax year, that
16 portion that exceeds the tax liability for the tax year shall not
17 be refunded but may be carried forward to offset tax liability in
18 subsequent tax years for 10 years or until used up, whichever
19 occurs first.
20 (6) As used in this section:
21 (a) "Michigan housing and community development fund" means
22 the Michigan housing and community development fund created in
23 the Michigan housing and community development fund act.
24 (b) "Qualified taxpayer" means a taxpayer that has received a
25 certificate of credit from the department that is approved by the
26 Michigan state housing development authority.
27 (c) "United States consumer price index" means the United
1 States consumer price index for all urban consumers as defined
2 and reported by the United States department of labor, bureau of
3 labor statistics.
4 Enacting section 1. This amendatory act does not take
5 effect unless Senate Bill No. 524
6 of the 92nd Legislature is enacted into
7 law.