January 22, 2008, Introduced by Senators KAHN, BIRKHOLZ, RICHARDVILLE, PAPPAGEORGE, BISHOP, SANBORN, ANDERSON, BASHAM, HARDIMAN, ALLEN, JANSEN, SWITALSKI, KUIPERS and VAN WOERKOM and referred to the Committee on Energy Policy and Public Utilities.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 277.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 277. (1) For tax years that begin after December 31,
2008, a taxpayer who is not an account holder may claim a credit
against the tax imposed by this act equal to 75% of the
contributions made in the tax year by the taxpayer to the reserve
fund of a fiduciary organization pursuant to the low-income energy
efficiency account program act.
(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 not be
refunded.
(3) The credit under this section shall not exceed an annual
cumulative maximum amount of $1,000,000.00. The determination of
the maximum allowed under this subsection shall be made as provided
in the low-income energy efficiency account program act.
(4) As used in this section, "account holder", "fiduciary
organization", "low-income energy efficiency account", and "reserve
fund" mean those terms as defined in the low-income energy
efficiency account program act.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 1046
of the 94th Legislature is enacted into law.