HOUSE BILL No. 5025


     July 8, 1997, Introduced by Reps. Hammerstrom, McBryde, Voorhees, Bodem, Horton and McNutt and referred to the Committee on Tax Policy.


        A bill to amend 1975 PA 228, entitled

   "Single business tax act,"

   (MCL 208.1 to 208.145) by adding section 38e.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         SEC. 38E.  (1) FOR TAX YEARS BEGINNING AFTER DECEMBER 31,

 2    1996, A TAXPAYER MAY CLAIM A CREDIT AGAINST THE TAX IMPOSED BY

 3    THIS ACT EQUAL TO THE CONTRIBUTIONS BY THE TAXPAYER IN THE TAX

 4    YEAR TO THE COMMUNITY MEMORIAL FUND CREATED IN THE COMMUNITY

 5    MEMORIAL ACT, NOT TO EXCEED 10% OF THE TAXPAYER'S TAX LIABILITY

 6    FOR THE TAX YEAR BEFORE CLAIMING ANY CREDITS ALLOWED UNDER THIS

 7    ACT OR $5,000.00, WHICHEVER IS LESS.

 8         (2) IF THE CREDIT ALLOWED UNDER THIS SECTION FOR THE TAX

 9    YEAR AND ANY UNUSED CARRYFORWARD OF THE CREDIT ALLOWED BY THIS

10    SECTION EXCEED THE TAXPAYER'S TAX LIABILITY FOR THE TAX YEAR,

11    THAT PORTION THAT EXCEEDS THE TAX LIABILITY FOR THE TAX YEAR


   03588'97                                                 RJA
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 1    SHALL NOT BE REFUNDED BUT MAY BE CARRIED FORWARD TO OFFSET TAX

 2    LIABILITY IN SUBSEQUENT TAX YEARS FOR 10 YEARS OR UNTIL USED UP,

 3    WHICHEVER OCCURS FIRST.


















































   03588'97          Final page.                            RJA