February 20, 2008, Introduced by Reps. Meadows, Vagnozzi, Bauer, Jackson, Simpson, Donigan, Scott, Robert Jones, Accavitti, Mayes, Espinoza, Melton, Clemente, Hammel, Polidori, Brown, Young, Ebli, Miller, Alma Smith, Leland, Lahti, Lindberg, Corriveau, Lemmons, Coulouris, Hammon and Farrah and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 269 (MCL 206.269), as added by 2004 PA 313.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 269. (1) For tax years that begin after December 31, 2004
and before January 1, 2010, a taxpayer may claim a credit against
the tax imposed by this act, subject to the applicable limitations
provided by this section, in an amount equal to 50% of the fair
market value of an automobile donated by the taxpayer to a
qualified organization that intends to provide the automobile to a
qualified recipient.
(2) The value of a passenger vehicle shall be determined by
the qualified organization or by using the value of the automobile
in the appropriate guide published by the national automotive
dealers association, whichever is less.
(3) For a taxpayer other than a resident estate or trust, the
amount allowable as a credit under this section for a tax year
shall not exceed the following:
(a) For tax years that begin after December 31, 2004 and
before January 1, 2008, $50.00, or for a husband and wife filing a
joint return as provided in section 311, $100.00.
(b) For tax years that begin after December 31, 2007 and
before January 1, 2010, $100.00, or for a husband and wife filing a
joint return as provided in section 311, $200.00.
(4) If the credit allowed under this section exceeds the tax
liability of the taxpayer for the tax year, that amount that
exceeds the tax liability shall not be refunded.
(5) As used in this section, "qualified organization" and
"qualified recipient" mean those terms as defined in section 4y of
the use tax act, 1937 PA 94, MCL 205.94y.