Bill Text: MI SB1013 | 2013-2014 | 97th Legislature | Introduced
Bill Title: Individual income tax; credit; tax incentive for certain irrevocable trusts; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 254.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-07-16 - Referred To Committee On Finance [SB1013 Detail]
Download: Michigan-2013-SB1013-Introduced.html
SENATE BILL No. 1013
July 16, 2014, Introduced by Senator ANANICH 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 254.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 254. (1) For tax years that begin after December 31,
2013, a taxpayer may claim a credit against the tax imposed by this
part equal to 100% of the contributions made in the tax year by the
taxpayer to a qualified trust fund. The department may require
documentation from the claimant in support of the existence of the
qualified trust fund and of the contributions claimed under this
section.
(2) If the amount of the credit allowed under this section
exceeds the tax liability of the taxpayer for the tax
year, that portion of the credit that exceeds the tax liability
shall not be refunded.
(3) As used in this section:
(a) "Autism spectrum disorders" means that term as defined
under section 416e of the nonprofit health care corporation reform
act, 1980 PA 350, MCL 550.1416e, and section 3406s of the insurance
code of 1956, 1956 PA 218, MCL 500.3406s.
(b) "Child" means an individual who is not emancipated under
1968 PA 293, MCL 722.1 to 722.6, who lives with a parent or
caretaker, and who is either of the following:
(i) Under the age of 18.
(ii) Age 18 and a full-time high school student.
(c) "Qualified trust fund" means an irrevocable trust fund
created for the benefit of a child who is diagnosed with an autism
spectrum disorder.
