May 5, 2005, Introduced by Senators GARCIA, KUIPERS, HARDIMAN and GOSCHKA and referred to the Committee on Finance.
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 10% 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) The credit under this section shall be claimed only for
the tax years that begin after the first December 31 after December
31, 2004 that follows 2 consecutive state fiscal years in which the
comprehensive annual financial report of this state for a state
fiscal year, published pursuant to section 494 of the management
and budget act, 1984 PA 431, MCL 18.1494, reports an ending balance
of $300,000,000.00 or more in the countercyclical budget and
economic stabilization fund created under section 351 of the
management and budget act, 1984 PA 431, MCL 18.1351.
(3) 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.