HB-6292, As Passed Senate, December 13, 2006

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 6292

(As amended, December 13, 2006)

     A bill to amend 1967 PA 281, entitled

"Income tax act of 1967,"

(MCL 206.1 to 206.532) by adding section 277.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 277. (1) For tax years that begin after December 31,

2006, a taxpayer may claim a credit against the tax imposed by this

act equal to 50% of the sum of the following not to exceed $100.00

for a single return or $200.00 for a joint return:

     (a) Cash donations made to the statewide network of cord blood

stem cell banks established pursuant to section 2682 of the public

health code, 1978 PA 368, MCL 333.2682.

     (b) Cash donations made to a qualified cord blood stem cell

bank in the network established pursuant to section 2682 of the

public health code, 1978 PA 368, MCL 333.2682.

     (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 be

refunded.

     Enacting section 1. This amendatory act does not take effect

unless House Bill No. 6291 of the 93rd Legislature is enacted into

law.