Bill Text: MI HB5709 | 2017-2018 | 99th Legislature | Introduced
Bill Title: Individual income tax; credit; Michigan secure retirement savings program contributions credit; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 273. TIE BAR WITH: HB 5708'18
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-03-14 - Bill Electronically Reproduced 03/13/2018 [HB5709 Detail]
Download: Michigan-2017-HB5709-Introduced.html
HOUSE BILL No. 5709
March 13, 2018, Introduced by Reps. Wittenberg, Dianda, Chirkun, Peterson, Gay-Dagnogo, Scott, Faris, Lasinski, Yanez, Elder, Sabo, Hertel and Inman and referred to the Committee on Commerce and Trade.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.713) by adding section 273.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 273. (1) For tax years that begin after December 31,
2018, a taxpayer who participates in the Michigan secure retirement
savings program created under the retirement savings program act
may claim a credit against the tax imposed by this part in an
amount equal to 50% of the credit the taxpayer is allowed to claim
as a credit under section 25b of the internal revenue code for a
tax year on a return filed under this act for the same tax year or
$500.00, whichever is less.
(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.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 5708 (request no.
00746'17) of the 99th Legislature is enacted into law.
