SENATE BILL No. 107

 

 

February 12, 2019, Introduced by Senators IRWIN, WOJNO, MCMORROW, GEISS, ANANICH, HOLLIER, ALEXANDER and CHANG and referred to the Committee on Finance.

 

 

 

     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, 2018, 30%.

 

     (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.