February 5, 2019, Introduced by Senators HERTEL, WOJNO, IRWIN, GEISS, HOLLIER, MCCANN, BRINKS, SANTANA, CHANG, MOSS, POLEHANKI, BAYER, MCMORROW and BULLOCK 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,
2018, 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%.
(e) For a taxpayer with an adjusted gross income as defined in
the internal revenue code of $100,000.00 or more, 0%.
(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.