HB-4514, As Passed House, March 18, 2009

SUBSTITUTE FOR

HOUSE BILL NO. 4514

     A bill to amend 1967 PA 281, entitled

"Income tax act of 1967,"

by amending section 272 (MCL 206.272), as added by 2006 PA 372.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 272. (1) For the following tax years that begin tax year

that begins after December 31, 2007 and before January 1, 2009, a

taxpayer may credit against the tax imposed by this act an amount

equal to the specified percentages 10% of the credit the taxpayer

is allowed to claim as a credit under section 32 of the internal

revenue code for a tax year on a return filed under this act for

the same tax year. :

     (a) For tax years that begin after December 31, 2007 and

before January 1, 2009, 10%.

(2) (b) For tax years that begin after December 31, 2008, a

taxpayer may credit against the tax imposed by this act an amount

equal to 20% of the credit the taxpayer is allowed to claim as a

credit under section 32 of the internal revenue code for a tax year

on a return filed under this act for the same tax year as long as

the taxpayer was a resident of this state for at least 6 months of

that same tax year.

(3) (2) If the credit allowed by this section exceeds the tax

liability of the taxpayer for the tax year, the state treasurer

shall refund the excess to the taxpayer without interest, except as

provided in section 30 of 1941 PA 122, MCL 205.30.