September 16, 2003, Introduced by Senator THOMAS 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 253.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 253. (1) For tax years that begin after December 31,
2 2002, a qualified taxpayer may credit against the tax imposed by
3 this act an amount equal to 25% of the credit the qualified
4 taxpayer is allowed to claim as a credit under section 32 of the
5 internal revenue code for a tax year on a return filed under this
6 act for the same tax year.
7 (2) If the credit allowed by this section exceeds the tax
8 otherwise due for the tax year, the state treasurer shall refund
9 the excess to the qualified taxpayer without interest, except as
10 provided in section 30 of 1941 PA 122, MCL 205.30.
11 (3) As used in this section, "qualified taxpayer" means a
1 taxpayer who is eligible to claim a credit under section 32 of
2 the internal revenue code and has a qualifying child as that term
3 is defined in section 32 of the internal revenue code.