June 16, 2010, Introduced by Senator GILBERT 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 279.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 279. (1) For tax years that begin after December 31, 2010
and end before January 1, 2016, a taxpayer that resides within a 1-
mile radius of a qualified construction project may claim a credit
against the tax imposed by this act equal to the difference between
the true cash value of the taxpayer's principal residence before
the commencement of the qualified construction project and the true
cash value of the taxpayer's principal residence for the tax year
in which the credit under this section is claimed.
(2) For purposes of this section, the taxpayer has the burden
of proof in establishing the true cash value of his or her
principal residence for the tax year in which the credit is sought
and in establishing that, other than the commencement of and the
ongoing construction related to the qualified construction project,
no other factors exist that can be attributed to the decrease in
the true cash value of the taxpayer's principal residence.
(3) If the amount of the credit allowed under this section
exceeds the tax liability of the taxpayer for the tax year, that
excess shall be refunded.
(4) As used in this section:
(a) "Qualified construction project" means a state
construction project that has been approved by the federal
government for the expansion of a United States port of entry in
this state which includes a new bridge plaza and improvements to
adjacent roads.
(b) "True cash value" means that term as defined in section 27
of the general property tax act, 1893 PA 206, MCL 211.27.