September 21, 2005, Introduced by Reps. Tobocman, Kathleen Law, Hopgood, Bieda, Clemente, Kolb, Lipsey, Murphy, Cheeks and Lemmons, III and referred to the Committee on Tax Policy.
A bill to amend 1975 PA 228, entitled
"Single business tax act,"
(MCL 208.1 to 208.145) by adding section 35d.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 35d. (1) For tax years beginning after December 31, 2005
and except as otherwise provided in this section, a qualified
taxpayer may claim a credit equal to 105% of the amount of
contributions made by the taxpayer in the tax year to the Michigan
housing and community development fund.
(2) The department with the approval of the Michigan state
housing development authority shall determine the maximum credit
allowable under this section for each qualified taxpayer that makes
contributions to the Michigan housing and community development
fund in a tax year and issue each qualified taxpayer a certificate
of credit that indicates the maximum amount of credit the taxpayer
may claim.
(3) Contributions used to calculate the qualified taxpayer's
allowable credit amount as determined under subsection (2) shall
not exceed 50% of the qualified taxpayer's tax liability for the
tax year.
(4) The maximum amount of total credits allowable under this
section for each tax year is the amount calculated by multiplying
$3.00 times the population of this state as determined by the most
recent federal decennial census. The dollar amount under this
section shall be adjusted annually to reflect any increase in the
United States consumer price index for the immediately preceding
calendar year.
(5) If the credit allowed under this section for the tax year
and any unused carryforward of the credit allowed by this section
exceed the taxpayer's tax liability for the tax year, that portion
that exceeds the tax liability for the tax year shall not be
refunded but may be carried forward to offset tax liability in
subsequent tax years for 10 years or until used up, whichever
occurs first.
(6) As used in this section:
(a) "Michigan housing and community development fund" means
the Michigan housing and community development fund created in the
Michigan housing and community development fund act.
(b) "Qualified taxpayer" means a taxpayer that has received a
certificate of credit from the department that is approved by the
Michigan state housing development authority.
(c) "United States consumer price index" means the United
States consumer price index for all urban consumers as defined and
reported by the United States department of labor, bureau of labor
statistics.