Bill Text: MI HB5092 | 2009-2010 | 95th Legislature | Introduced
Bill Title: Income tax; credit; tax credit for donation of an automobile to a qualified charitable organization; repeal sunset. Amends sec. 269 of 1967 PA 281 (MCL 206.269).
Spectrum: Partisan Bill (Democrat 15-0)
Status: (Introduced - Dead) 2009-11-10 - Referred To Committee On Finance [HB5092 Detail]
Download: Michigan-2009-HB5092-Introduced.html
HOUSE BILL No. 5092
June 16, 2009, Introduced by Reps. Robert Jones, Young, Simpson, Stanley, Miller, Espinoza, Lisa Brown, Slavens, Constan, Durhal, Warren, Bauer, Bettie Scott, Nathan and Geiss and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 269 (MCL 206.269), as added by 2004 PA 313.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
269. (1) For tax years that begin after December 31, 2004
and
before January 1, 2010, a A
taxpayer may claim a credit against
the tax imposed by this act, subject to the applicable limitations
provided by this section, in an amount equal to 50% of the fair
market value of an automobile donated by the taxpayer to a
qualified organization that intends to provide the automobile to a
qualified recipient.
(2) The value of a passenger vehicle shall be determined by
the qualified organization or by using the value of the automobile
in the appropriate guide published by the national automotive
dealers association, whichever is less.
(3) For a taxpayer other than a resident estate or trust, the
amount allowable as a credit under this section for a tax year
shall not exceed $50.00, or for a husband and wife filing a joint
return as provided in section 311, $100.00.
(4) If the credit allowed under this section exceeds the tax
liability of the taxpayer for the tax year, that amount that
exceeds the tax liability shall not be refunded.
(5) As used in this section, "qualified organization" and
"qualified recipient" mean those terms as defined in section 4y of
the use tax act, 1937 PA 94, MCL 205.94y.
