March 6, 2019, Introduced by Reps. Witwer, Hood, Gay-Dagnogo, Warren, Lasinski, Love, Brixie, Cherry, Kennedy, Brenda Carter, Stone, Cynthia Johnson, Anthony, Kuppa, Wittenberg, Camilleri, Guerra, Clemente, Bolden, Garza, Shannon, Pohutsky, Tyrone Carter, Tate, Byrd, Robinson, Cambensy, Sabo, Whitsett, Haadsma, Elder, Hope, Hertel, Pagan, Koleszar, Hoadley, Liberati, Manoogian, Coleman, LaGrand, Peterson, Hammoud, Sneller, Jones, Yancey, Sowerby, Ellison and Rabhi and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 272 (MCL 206.272), as amended by 2011 PA 38.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 272. (1) For the following tax years that begin after
December 31, 2007, a taxpayer may credit against the tax imposed by
this act an amount equal to the specified percentages 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:
(a) For tax years that begin after December 31, 2007 and
before January 1, 2009, 10%.
(b) For tax years that begin after December 31, 2008 and
before January 1, 2012, 20%.
(c) For tax years that begin after December 31, 2011 and
before January 1, 2019, 6%.
(d) For tax years that begin after December 31, 2019, 20%.
(2) 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.