Bill Text: MI HB4334 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Individual income tax: credit; tax incentive for contributions made to certain ballot and candidate committees; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 280.
Spectrum: Partisan Bill (Democrat 11-0)
Status: (Introduced) 2023-03-23 - Bill Electronically Reproduced 03/23/2023 [HB4334 Detail]
Download: Michigan-2023-HB4334-Introduced.html
HOUSE BILL NO. 4334
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.847) by adding section 280.
the people of the state of michigan enact:
Sec. 280. (1) Subject to the limitations under this section, for tax years that begin on and after January 1, 2024, a taxpayer may claim a credit against the tax imposed by this part equal to the total amount of contributions made during the tax year to a ballot question committee or candidate committee of a candidate for a state elective office or a local elective office in this state. Contributions made to an independent committee, a political party committee, a house political party caucus committee, or a senate political party caucus committee are not eligible for the credit under this section.
(2) The credit allowed under this section shall not exceed $250.00 for a single return or $500.00 for a joint return.
(3) To claim the credit under this section, the taxpayer shall, in a form and manner as prescribed by the department, provide verification of the contributions claimed to have been made during the tax year.
(4) If 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 must be refunded.
(5) As used in this section, "ballot question committee", "candidate", "candidate committee", "contributions", "local elective office", "house political party caucus committee", "independent committee", "political party committee", "senate political party caucus committee", and "state elective office" mean those terms as defined in the Michigan campaign finance act, 1976 PA 388, MCL 169.201 to 169.282.
(6) This credit may be referred to as the "amplify Mi voice credit".
