January 30, 2003, Introduced by Senators OLSHOVE, ALLEN, GOSCHKA, SCHAUER, SCOTT and SWITALSKI and referred to the Committee on Finance.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 270.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 270. (1) For tax years beginning after December 31,
2 2002, a taxpayer may credit against the tax imposed by this act
3 100% of the premiums paid by the taxpayer in the tax year for
4 long-term care insurance not to exceed $1,000.00 each for the
5 taxpayer and the taxpayer's spouse.
6 (2) If the amount of the credit under this section exceeds
7 the tax liability of the taxpayer for the tax year, the portion
8 of the credit that exceeds the tax liability shall not be
9 refunded.
10 (3) As used in this section, "long-term care insurance" means
11 that term as defined in section 3901 of the insurance code of
1 1956, 1956 PA 218, MCL 500.3901, or "long-term care coverage" as
2 that term is defined in section 420 of the nonprofit health care
3 corporation reform act, 1980 PA 350, MCL 550.1420.