Bill Text: MI HB4894 | 2017-2018 | 99th Legislature | Introduced

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Bill Title: Individual income tax; credit; credit for the purchase of textbooks for public institutions of higher education; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 280.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-09-06 - Bill Electronically Reproduced 08/16/2017 [HB4894 Detail]

Download: Michigan-2017-HB4894-Introduced.html

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HOUSE BILL No. 4894

 

 

August 16, 2017, Introduced by Rep. Marino 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 206.713) by adding section 280.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 280. (1) For tax years that begin after December 31,

 

2018, subject to the limitations under this section a taxpayer may

 

claim a credit against the tax imposed by this part equal to the

 

amount paid during the tax year for textbooks purchased and used by

 

the taxpayer or a dependent of the taxpayer that are required for

 

classes taken by the taxpayer or a dependent of that taxpayer for

 

that same tax year at an institution of higher education in this

 

state. A taxpayer shall not include any payments made for textbooks

 

that were paid from an education savings account or any payments

 

for which the taxpayer was otherwise reimbursed.

 

     (2) A taxpayer shall not claim more than $500.00 in costs

 

under this section for each taxpayer and each dependent of the

 

taxpayer per tax year. The maximum amount allowed under this

 

section to be claimed in a tax year is $2,000.00 for a single

 

return and $2,500.00 for a joint return.

 

     (3) The department may require reasonable proof from the

 

taxpayer in support of the payments claimed under this section.

 

     (4) 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 be

 

refunded.

 

     (5) As used in this section:

 

     (a) "Dependent" means that term as defined in section 30e.

 

     (b) "Education savings account" means an education savings

 

account established under the Michigan education savings program

 

act, 2000 PA 161, MCL 390.1471 to 390.1486.

 

     (c) "Institution of higher education" means a public college,

 

university, community college, junior college, or trade,

 

vocational, or occupational school that offers a degree or

 

certificate.