September 14, 2006, Introduced by Reps. Jones, Schuitmaker, Pearce, Ball, Nitz, Garfield, Hansen, Stewart, Polidori, Green and Emmons 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 276.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 276. (1) For tax years that begin after December 31, 2006
and before January 1, 2010, a taxpayer that purchases an
alternative fuel vehicle may claim a credit against the tax imposed
by this act equal to $500.00 for each alternative fuel vehicle
purchased in the tax year.
(2) If the amount of the credit allowed under this section
exceeds the tax liability of the taxpayer for the tax year, that
portion of the credit that exceeds the tax liability shall be
refunded.
(3) As used in this section, "alternative fuel vehicle" means
a motor vehicle that operates using a fuel blend that contains
between 70% and 85% denatured fuel ethanol blended with gasoline
suitable for use in a spark-ignition engine and that meets the
American society for testing and materials D-5798 specifications.