April 12, 2018, Introduced by Rep. Howrylak 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 206.713) by adding section 280.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 280. (1) For tax years that begin after December 31,
2018, a taxpayer may claim a credit against the tax imposed by this
part in an amount equal to the amount contributed by the taxpayer
during the tax year to the advancing Michigan's future account in
the general fund.
(2) The department shall establish and administer a restricted
account in the general fund for advancing Michigan's future. The
department shall credit to the advancing Michigan's future account
money appropriated or received from any source and earnings on the
advancing Michigan's future account. The department shall use the
money in the advancing Michigan's future account exclusively for
public purposes in this state. Money in the advancing Michigan's
future account described in this subsection at the end of a fiscal
year shall not revert to the general fund but shall be carried over
in the advancing Michigan's future account to the next fiscal year.
(3) The department shall establish a procedure and form for
taxpayers to make monetary contributions to the advancing
Michigan's future account and for the taxpayer to obtain a receipt
from the department certifying the amount of the credit allowed for
the tax year.
(4) 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 of the
taxpayer for the tax year shall not be refunded but may be carried
forward to offset tax liability under this act in subsequent tax
years for a period not to exceed 5 tax years or until used up,
whichever occurs first.