October 29, 2008, Introduced by Rep. Proos and referred to the Committee on Tax Policy.
A bill to amend 2007 PA 36, entitled
"Michigan business tax act,"
(MCL 208.1101 to 208.1601) by adding section 461.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 461. (1) For tax years that begin after December 31,
2008, a taxpayer may claim a credit against the tax imposed under
this act equal to 10% of the qualified educational expenses
incurred during the tax year by the taxpayer on behalf of a
qualifying employee. The maximum credit allowed in any tax year
shall not exceed $600.00 for a qualifying employee.
(2) If the amount of the credit allowed under this section
exceeds the tax liability of the taxpayer for the tax year, that
excess shall not be refunded but may be carried forward to offset
tax liability in subsequent tax years for 10 years or until used
up, whichever occurs first.
(3) As used in this section:
(a) "Institution of higher education" means an institution of
higher education or a community or junior college described in
section 4, 5, 6, or 7 of article VIII of the state constitution of
1963 or an independent nonprofit degree-granting institution of
postsecondary education in this state that is approved by the state
board of education.
(b) "Qualified educational expenses" means the tuition and
fees charged to an individual who is enrolled in a course or
courses offered by an institution of higher education and who
successfully completed that course or courses with a grade of 75 or
above on a 100-point scale or its equivalent.
(c) "Qualifying employee" means an individual who is employed
by the taxpayer for at least 40 hours per week.