May 11, 2005, Introduced by Senator THOMAS 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 253.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 253. (1) For tax years that begin after December 31,
2004, a qualified taxpayer may credit against the tax imposed by
this act an amount equal to 25% of the credit the qualified
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
otherwise due for the tax year, the state treasurer shall refund
the excess to the qualified taxpayer without interest, except as
provided in section 30 of 1941 PA 122, MCL 205.30.
(3) As used in this section, "qualified taxpayer" means a
taxpayer who is eligible to claim a credit under section 32 of the
internal revenue code and has a qualifying child as that term is
defined in section 32 of the internal revenue code.