House Bill 5979

Committee: Tax Policy

Complete to 11-5-98

A SUMMARY OF HOUSE BILL 5979 AS INTRODUCED 6-30-98

The bill would amend the Income Tax Act to create a tax credit for contributions to a historical society meeting certain specified criteria. The credit would be similar to that existing now for contributions to a number of organizations, such as public libraries, colleges and universities, and public broadcasting. The credit would be equal to 50 percent of the contribution, up to $100 for single filers and $200 for joint filers. Resident estates and trusts would be limited to 10 percent of tax liability or $5,000, whichever is less.

The qualifying historical society would be one that was established more than 100 years ago; is tax exempt under Section 501(c)(3) of the federal Internal Revenue Code; provides programs and publications fostering citizen understanding and appreciation of Michigan history; encourages the collection, preservation, interpretation, and promotion of Michigan through conferences, publications, awards, educational programs, and consulting services; sponsors and distributes a semiannual scholarly journal; publishes newsletters and teacher resource information; and has an elected board of trustees and a membership that is representative of all geographic areas of the state.

MCL 206.260

Analyst: C. Couch

This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.