Bill Text: MI SB0408 | 2017-2018 | 99th Legislature | Introduced
Bill Title: Individual income tax; credit; tax credit for donation of an automobile to a qualified charitable organization; restore. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 269.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-05-24 - Referred To Committee On Finance [SB0408 Detail]
Download: Michigan-2017-SB0408-Introduced.html
SENATE BILL No. 408
May 24, 2017, Introduced by Senators HANSEN, PROOS, BOOHER, CASPERSON, PAVLOV, SCHUITMAKER, COLBECK, ANANICH and HOPGOOD and referred to the Committee on Finance.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.713) by adding section 269.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 269. (1) For tax years beginning on and after January 1,
2018, a taxpayer may claim a credit against the tax imposed by this
part, subject to the applicable limitations provided by this
section, in an amount equal to 50% of the fair market value of an
automobile donated by the taxpayer to a qualified organization that
intends to provide the automobile to a qualified recipient.
(2) The value of a passenger vehicle shall be determined by
the qualified organization or by using the value of the automobile
in the appropriate guide published by the National Automotive
Dealers Association, whichever is less.
(3) For a taxpayer other than a resident estate or trust, the
amount allowable as a credit under this section for a tax year
shall not exceed $50.00, or for a joint return as provided in
section 311, $100.00.
(4) If the credit allowed under this section exceeds the tax
liability of the taxpayer for the tax year, that amount that
exceeds the tax liability shall not be refunded.
(5) As used in this section, "qualified organization" and
"qualified recipient" mean those terms as defined in section 4y of
the use tax act, 1937 PA 94, MCL 205.94y.
