August 16, 2006, Introduced by Rep. Stakoe 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 276.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 276. (1) For tax years that begin after December 31,
2005, a taxpayer may claim a credit against the tax imposed by this
act equal to the amount paid in the tax year for textbooks
purchased and used by the taxpayer in the tax year that are
required for classes completed by the taxpayer with a passing
grade, as determined by the institution of higher education, at an
institution of higher education in this state.
(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.
(3) As used in this section, "institution of higher education"
means a public or private institution that offers a degree or
course of study beyond the twelfth grade.