Bill Text: MI HB4094 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Income tax; credit; tax credit for adjustments made to awards under the Michigan promise grant act; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.532) by adding sec. 278.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced - Dead) 2011-01-19 - Printed Bill Filed 01/19/2011 [HB4094 Detail]
Download: Michigan-2011-HB4094-Introduced.html
HOUSE BILL No. 4094
January 18, 2011, Introduced by Reps. Horn, Wayne Schmidt, MacMaster and LaFontaine and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 278.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 278. (1) For the 2011 tax year and each tax year after
2011, an eligible taxpayer may claim a credit against the tax
imposed under this act equal to the difference between the amount
the eligible taxpayer should have received during the immediately
preceding year under the Michigan promise grant act, 2006 PA 479,
MCL 390.1621 to 390.1628, and the amount the eligible taxpayer
actually received during the immediately preceding year after
adjustments made to the grant amount pursuant to section 5(3) or
6(4) of the Michigan promise grant act, 2006 PA 479, MCL 390.1625
and 390.1626.
(2) If the credit allowed under this section and any unused
carryforward of the credit allowed under this section exceed the
tax liability of the taxpayer for the tax year, that portion that
exceeds the tax liability for the tax year shall not be refunded
but may be carried forward to offset tax liability in subsequent
tax years until used up.
(3) As used in this section, "eligible taxpayer" means a
taxpayer who is a student who meets the eligibility requirements
for an award of a Michigan promise grant in an amount determined
under section 5 or 6 of the Michigan promise grant act, 2006 PA
479, MCL 390.1625 or 390.1626.
