Bill Text: MI HB4662 | 2021-2022 | 101st Legislature | Introduced
Bill Title: Individual income tax: credit; child and dependent care credit; create. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 275.
Spectrum: Partisan Bill (Democrat 15-0)
Status: (Introduced - Dead) 2021-04-21 - Bill Electronically Reproduced 04/20/2021 [HB4662 Detail]
Download: Michigan-2021-HB4662-Introduced.html
HOUSE BILL NO. 4662
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.713) by adding section 275.
the people of the state of michigan enact:
Sec. 275. (1) For tax years that begin after December 31, 2021, a taxpayer may claim a credit against the tax imposed by this act equal to the following specified percentages of the credit the taxpayer is allowed to claim as a credit under section 21 of the internal revenue code for a tax year on a return filed under this act for the same tax year:
(a) For a taxpayer with an adjusted gross income as defined in the internal revenue code of less than $25,000.00, 110%.
(b) For a taxpayer with an adjusted gross income as defined in the internal revenue code of $25,000.00 or more but less than $40,000.00, 100%.
(c) For a taxpayer with an adjusted gross income as defined in the internal revenue code of $40,000.00 or more but less than $65,000.00, 80%.
(d) For a taxpayer with an adjusted gross income as defined in the internal revenue code of $65,000.00 or more but less than $100,000.00, 20%.
(e) For a taxpayer with an adjusted gross income as defined in the internal revenue code of $100,000.00 or more, 0%.
(2) If the credit allowed by this section exceeds the tax liability of the taxpayer for the tax year, that portion of the credit that exceeds the tax liability shall be refunded.
