September 22, 2005, Introduced by Reps. Tobocman and Kolb and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 272.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 272. (1) For tax years that begin after December 31,
2004, a taxpayer may credit against the tax imposed by this act an
amount equal to 25% 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.
(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.