Bill Text: MI HB5135 | 2015-2016 | 98th Legislature | Introduced

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Bill Title: Corporate income tax; insurance companies; tax credit for certain automobile insurance policies; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 640. TIE BAR WITH: HB 5134'15

Spectrum: Partisan Bill (Democrat 23-1)

Status: (Introduced - Dead) 2015-12-10 - Printed Bill Filed 12/10/2015 [HB5135 Detail]

Download: Michigan-2015-HB5135-Introduced.html

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HOUSE BILL No. 5135

 

December 9, 2015, Introduced by Reps. Banks, Gay-Dagnogo, Callton, Hovey-Wright, Byrd, Robinson, Cochran, Talabi, Geiss, Lane, Liberati, Rutledge, Chang, Garrett, Guerra, Durhal, Kosowski, Schor, Moss, Phelps, Love, Neeley, Greimel and Derek Miller and referred to the Committee on Insurance.

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.713) by adding section 640.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 640. (1) For tax years beginning after December 31, 2015,

 

an insurance company may claim a credit against the tax imposed

 

under this chapter for that tax year in an amount equal to $500.00

 

for each automobile insurance policy issued in accordance with

 

section 3181 of the insurance code of 1956, 1956 PA 218, MCL

 

500.3181.

 

     (2) To claim the credit under this section, the department may

 

require reasonable proof from the insurance company in support of

 

the automobile insurance policies issued and claimed under this

 

section.

 

     (3) The credit under this section is in addition to any other

 

credits the insurance company is eligible for under this chapter.

 

     (4) Any amount of the credit under this section that is in

 

excess of the tax liability of the insurance company for the tax

 

year shall not be refunded but may be carried forward to offset tax

 

liability under this chapter in subsequent tax years for a period

 

not to exceed 5 tax years or until used up, whichever occurs first.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No.____ or House Bill No. 5134 (request no.

 

04251'15 *) of the 98th Legislature is enacted into law.