September 29, 2004, Introduced by Rep. Rivet 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 35c.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 35c. (1) For tax years beginning after December 31,
2 2004, a taxpayer may claim a credit against the tax imposed by
3 this act equal to the capital expenditures of the taxpayer in the
4 tax year to build a child care center.
5 (2) If the credit allowed under this section for the tax year
6 and any unused carryforward of the credit allowed by this section
7 exceed the taxpayer's tax liability for the tax year, that
8 portion that exceeds the tax liability for the tax year shall not
9 be refunded but may be carried forward to offset tax liability in
10 subsequent tax years for 10 years or until used up, whichever
11 occurs first.
1 (3) As used in this section, "child care center" means that
2 term as defined in section 1 of 1973 PA 116, MCL 722.111.