Bill Text: MI SB0463 | 2015-2016 | 98th Legislature | Introduced

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Bill Title: Individual income tax; credit; tax credit for adoption expenses; restore. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 268.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2016-02-04 - Referred To Committee Of The Whole [SB0463 Detail]

Download: Michigan-2015-SB0463-Introduced.html

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SENATE BILL No. 463

 

 

September 9, 2015, Introduced by Senators HANSEN, SCHUITMAKER and COLBECK 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 268.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 268. (1) For tax years that begin after December 31,

 

2015, an eligible taxpayer may claim a credit against the tax

 

imposed by this act equal to the taxpayer's qualified adoption

 

expenses in excess of the amount of credit for qualified adoption

 

expenses the taxpayer claimed under section 23 of the internal

 

revenue code, or $1,200.00 per child, whichever is less.

 

     (2) If the credit allowed under this section for the tax year

 

exceeds the taxpayer's tax liability for the tax year, that portion

 

that exceeds the tax liability for the tax year shall be refunded.

 

     (3) As used in this section:

 

     (a) "Eligible taxpayer" means a taxpayer that claimed a credit

 

under section 23 of the internal revenue code for the same tax year

 

that the taxpayer is claiming a credit under this section.

 

     (b) "Qualified adoption expenses" means adoption expenses that

 

are eligible to be used by an eligible taxpayer to claim a credit

 

against the taxpayer's federal tax liability under section 23 of

 

the internal revenue code for the same tax year that the taxpayer

 

is claiming a credit under this section.