HOUSE BILL No. 4283


     February 20, 2001, Introduced by Reps. Garza, Lipsey, Kolb, Basham, Williams, Thomas, Wojno, Dennis, Minore, Hale and
Schauer and referred to the Committee on Tax Policy.


        A bill to amend 1967 PA 281, entitled

   "Income tax act of 1967,"

   (MCL 206.1 to 206.532) by adding section 269.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           SEC. 269.  (1) FOR TAX YEARS THAT BEGIN AFTER DECEMBER 31,

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      2000, A TAXPAYER MAY CREDIT AGAINST THE TAX IMPOSED BY THIS ACT

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      AN AMOUNT EQUAL TO 25% OF THE CREDIT THE TAXPAYER IS ALLOWED TO

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      CLAIM AS A CREDIT UNDER SECTION 32 OF THE INTERNAL REVENUE CODE

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      FOR A TAX YEAR ON A RETURN FILED UNDER THIS ACT FOR THE SAME TAX

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      YEAR.

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           (2) IF THE CREDIT ALLOWED BY THIS SECTION EXCEEDS THE TAX

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      OTHERWISE DUE FOR THE TAX YEAR, THE STATE TREASURER SHALL REFUND

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      THE EXCESS TO THE TAXPAYER WITHOUT INTEREST, EXCEPT AS PROVIDED

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      IN SECTION 30 OF 1941 PA 122, MCL 205.30.




   01023'01                 Final page.                         RJA