Bill Text: MI SB0662 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Income tax; property tax credit; definition of income; clean up. Amends sec. 510 of 1967 PA 281 (MCL 206.510).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-11-09 - Referred To Committee On Finance [SB0662 Detail]
Download: Michigan-2011-SB0662-Introduced.html
SENATE BILL No. 662
September 15, 2011, Introduced by Senator JANSEN and referred to the Committee on Finance.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 510 (MCL 206.510), as amended by 2011 PA 38.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 510. (1) "Income" means the sum of federal adjusted gross
income as defined in the internal revenue code plus all income
specifically excluded or exempt from the computations of the
federal
adjusted gross income. except that beginning with the 1988
tax
year, a deduction for a carryback or carryover of a net
operating
loss shall not exceed federal modified taxable income as
defined
in section 172(b)(2) of the internal revenue code. Also, a
person who is enrolled in an accident or health insurance plan may
deduct from income the amount that person paid in premiums in the
tax year for that insurance plan for the person's family. Income
does not include any of the following:
(a) The first $300.00 of gifts in cash or kind from
nongovernmental sources.
(b) The first $300.00 received from awards, prizes, lottery,
bingo, or other gambling winnings.
(c) Surplus foods.
(d) Relief in kind supplied by a governmental agency.
(e) Payments or credits under this part.
(f) A governmental grant that has to be used by the claimant
for rehabilitation of the claimant's homestead.
(g) Stipends received by a person 60 years of age or older who
is acting as a foster grandparent under the foster grandparent
program authorized pursuant to section 211 of part B of title II of
the domestic volunteer service act of 1973, Public Law 93-113, 42
USC 5011, or who is acting as a senior companion pursuant to
section 213 of part C of title II of the domestic volunteer service
act of 1973, Public Law 93-113, 42 USC 5013.
(h) Amounts deducted from monthly social security or railroad
retirement benefits for medicare premiums.
(i) Contributions by an employer to life, accident, or health
insurance plans.
(j) Energy assistance grants and energy assistance tax
credits.
(2) "Owner" means a natural person who owns or is purchasing a
homestead under a mortgage or land contract, who owns or is
purchasing a dwelling situated on the leased lands of another, or
who is a tenant-stockholder of a cooperative housing corporation.
Enacting section 1. This amendatory act takes effect January
1, 2012.
