September 16, 2003, Introduced by Senators BROWN, GEORGE, GARCIA, ALLEN, CROPSEY, SANBORN, PRUSI, HARDIMAN, GOSCHKA and SCHAUER and referred to the Committee on Finance.
A bill to amend 1975 PA 228, entitled
"Single business tax act,"
(MCL 208.1 to 208.145) by adding section 37e.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 37e. (1) For tax years that begin after December 31,
2 2003, a taxpayer that pays, in whole or in part, premiums for a
3 health insurance plan that includes coverage for mental health
4 and substance abuse services for its employees may claim a credit
5 against the tax imposed by this act equal to 2% of those premiums
6 for that health insurance plan paid in the tax year.
7 (2) If the credit allowed under this section for the tax year
8 and any unused carryforward of the credit allowed under this
9 section exceed the tax liability of the taxpayer for the tax
10 year, the excess shall not be refunded, but may be carried
11 forward as an offset to the tax liability in subsequent tax years
1 for 10 tax years or until the excess credit is used up, whichever
2 occurs first.