Bill Text: MI SB0060 | 2017-2018 | 99th Legislature | Introduced

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Bill Title: Individual income tax; credit; child and dependent care credit; create. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding secs. 275 & 675.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2017-01-24 - Referred To Committee On Finance [SB0060 Detail]

Download: Michigan-2017-SB0060-Introduced.html

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SENATE BILL No. 60

 

 

January 24, 2017, Introduced by Senators HERTEL, CONYERS, JONES, HORN, GREGORY, BIEDA, ANANICH, HOPGOOD and WARREN and referred to the Committee on Finance.

 

 

     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,

 

2016, 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%.

 

     (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.