Bill Text: MI HB5458 | 2015-2016 | 98th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Corporate income tax; insurance companies; credit for certain amounts paid that are attributable to the assigned claims plan; exclude. Amends sec. 637 of 1967 PA 281 (MCL 206.637).

Spectrum: Partisan Bill (Republican 3-0)

Status: (Passed) 2016-07-13 - Assigned Pa 278'16 With Immediate Effect [HB5458 Detail]

Download: Michigan-2015-HB5458-Engrossed.html

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HB-5458, As Passed Senate, June 8, 2016

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

HOUSE BILL NO. 5458

 

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

by amending section 637 (MCL 206.637), as added by 2011 PA 38.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 637. (1) An Except as otherwise provided under subsection

 

(3), an insurance company may claim a credit against the tax

 

imposed under this chapter in the following amounts:

 

     (a) Amounts paid to the Michigan worker's compensation

 

placement facility pursuant to chapter 23 of the insurance code of

 

1956, 1956 PA 218, MCL 500.2301 to 500.2352.

 

     (b) Amounts paid to the Michigan basic property insurance

 

association pursuant to chapter 29 of the insurance code of 1956,

 

1956 PA 218, MCL 500.2901 to 500.2954.

 

     (c) Amounts paid to the Michigan automobile insurance

 

placement facility pursuant to chapter 33 of the insurance code of

House Bill No. 5458 as amended June 8, 2016

 

1956, 1956 PA 218, MCL 500.3301 to 500.3390.

 

     (d) Amounts paid to the property and casualty guaranty

 

association pursuant to chapter 79 of the insurance code of 1956,

 

1956 PA 218, MCL 500.7901 to 500.7949.

 

     (e) Amounts paid to the Michigan life and health insurance

 

guaranty association pursuant to chapter 77 of the insurance code

 

of 1956, 1956 PA 218, MCL 500.7701 to 500.7780.

 

     (2) The assessments of an insurance company from the

 

immediately preceding tax year shall be used in calculating the

 

credits allowed under this section for each tax year.

 

     (3) <<For the 2016 tax year only, an insurance company shall

only include in the calculation of a credit under this section 35%

of the amounts paid to the Michigan automobile insurance placement

facility that are attributable to the assigned claims plan approved

under chapter 31 of the insurance code of 1956, 1956 PA 218, MCL

500.3101 to 500.3179.>> For tax years beginning on and after

January 1, <<2017>>, an

 

insurance company shall not include in the calculation of a credit

 

under this section amounts paid to the Michigan automobile

 

insurance placement facility that are attributable to the assigned

 

claims plan approved under chapter 31 of the insurance code of

 

1956, 1956 PA 218, MCL 500.3101 to 500.3179.