Bill Text: MI HB4241 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Income tax; credit; credit for the amount expended to purchase biomass fuel; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.532) by adding sec. 278.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Introduced - Dead) 2009-02-11 - Printed Bill Filed 02/11/2009 [HB4241 Detail]

Download: Michigan-2009-HB4241-Introduced.html

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HOUSE BILL No. 4241

 

February 10, 2009, Introduced by Reps. Caul, Knollenberg, Booher, Horn, Hansen, Moore, Stamas and Haveman 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 206.532) by adding section 278.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 278. (1) For tax years that begin after December 31,

 

2009, a taxpayer may claim a credit against the tax imposed by this

 

act equal to 10% of the total amount paid during the tax year to

 

purchase biomass fuel or $1,000.00, whichever is less.

 

     (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 taxpayer shall attach a receipt for biomass fuel

 

purchased in the tax year to the annual return on which a credit

 

under this section is claimed.

 

     (4) As used in this section, "biomass fuel" means pellets made

 

from agricultural or forest products waste, including, but not

 

limited to, corn, wood, and switchgrass.