Bill Text: MI HB5480 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Income tax; credit; increase in amount of earned income tax credit; eliminate. Amends sec. 272 of 1967 PA 281 (MCL 206.272).

Spectrum: Partisan Bill (Republican 42-0)

Status: (Introduced - Dead) 2009-09-30 - Printed Bill Filed 09/30/2009 [HB5480 Detail]

Download: Michigan-2009-HB5480-Introduced.html

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HOUSE BILL No. 5480

September 29, 2009, Introduced by Reps. Haveman, Lund, Horn, Agema, Kurtz, Denby, Green, Amash, Tyler, Ball, Caul, Opsommer, Elsenheimer, Meekhof, Crawford, Rick Jones, McMillin, Haines, Pavlov, Daley, Moore, Walsh, Rogers, Calley, Hildenbrand, Knollenberg, Lori, Kowall, Proos, Genetski, Bolger, Pearce, DeShazor, Hansen, Marleau, Wayne Schmidt, Paul Scott, Meltzer, Moss, Stamas, Schuitmaker and Booher and referred to the Committee on Tax Policy.

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

by amending section 272 (MCL 206.272), as added by 2006 PA 372.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 272. (1) For the following tax years that begin after

 

December 31, 2007, a taxpayer may credit against the tax imposed by

 

this act an amount equal to the specified percentages 10% of the

 

credit the taxpayer is allowed to claim as a credit under section

 

32 of the internal revenue code for a tax year on a return filed

 

under this act for the same tax year. :

 

     (a) For tax years that begin after December 31, 2007 and

 

before January 1, 2009, 10%.

 

     (b) For tax years that begin after December 31, 2008, 20%.

 

     (2) If the credit allowed by this section exceeds the tax

 

liability of the taxpayer for the tax year, the state treasurer

 

shall refund the excess to the taxpayer without interest, except as

 

provided in section 30 of 1941 PA 122, MCL 205.30.