October 14, 2003, Introduced by Senators BROWN, SWITALSKI and ALLEN and referred to the Committee on Finance.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 270.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 270. (1) For tax years that begin after December 31,
2 2002, a taxpayer that purchased an alternative energy vehicle
3 during the tax year may claim a credit against the tax imposed by
4 this act equal to $1,000.00.
5 (2) If the amount of the credit allowed under this section
6 exceeds the tax liability of the taxpayer for the tax year, that
7 portion of the credit that exceeds the tax liability shall not be
8 refunded.
9 (3) As used in this section, "alternative energy vehicle"
10 means that term as defined in section 2 of the Michigan next
11 energy authority act, 2003 PA 593, MCL 207.822.