Bill Text: MI HB4992 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Individual income tax: credit; tax credit for charitable donations to food banks and shelters; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 260.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2020-12-02 - Referred To Second Reading [HB4992 Detail]
Download: Michigan-2019-HB4992-Introduced.html
HOUSE BILL NO. 4992
September 18, 2019, Introduced by Reps. Witwer
and Berman 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 260.
the people of the state of michigan enact:
Sec. 260. (1) For tax years beginning on and after January 1, 2020, a taxpayer may claim a credit against the tax imposed by this part for the tax year an amount, subject to the applicable limitations under this section, equal to 50% of the aggregate amount of charitable contributions made by the taxpayer during the tax year to a shelter for homeless persons, food kitchen, food bank, or other entity located in this state, the primary purpose of which is to provide overnight accommodation, food, or meals to persons who are indigent if a contribution to that entity is tax deductible for the donor under the internal revenue code.
(2) The maximum credit allowed under this section for total contributions made, including the value of food items contributed in conjunction with a program in which a vendor makes a matching contribution of similar items in the tax year to shelters for homeless persons, food kitchens, food banks, and other entities, is as follows:
(a) For a taxpayer other than a resident estate or trust, the credit shall not exceed $100.00, or $200.00 for a joint return.
(b) For a resident estate or trust, the credit shall not exceed 10% of the taxpayer's tax liability for the tax year before claiming any credits allowed by this part or $5,000.00, whichever is less.
(3) For a resident estate or trust, the amount used to calculate the credits under this section shall not have been deducted in arriving at federal taxable income.
(4) If the amount of the credits allowed under this section exceeds the tax liability of the taxpayer for the tax year, the portion that exceeds the tax liability shall not be refunded.
