March 15, 2016, Introduced by Reps. Poleski, Bumstead and Pscholka and referred to the Committee on Government Operations.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 637 (MCL 206.637), as added by 2011 PA 38.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
637. (1) An Except as
otherwise provided under subsection
(3), an insurance company may claim a credit against the tax
imposed under this chapter in the following amounts:
(a) Amounts paid to the Michigan worker's compensation
placement facility pursuant to chapter 23 of the insurance code of
1956, 1956 PA 218, MCL 500.2301 to 500.2352.
(b) Amounts paid to the Michigan basic property insurance
association pursuant to chapter 29 of the insurance code of 1956,
1956 PA 218, MCL 500.2901 to 500.2954.
(c) Amounts paid to the Michigan automobile insurance
placement facility pursuant to chapter 33 of the insurance code of
1956, 1956 PA 218, MCL 500.3301 to 500.3390.
(d) Amounts paid to the property and casualty guaranty
association pursuant to chapter 79 of the insurance code of 1956,
1956 PA 218, MCL 500.7901 to 500.7949.
(e) Amounts paid to the Michigan life and health insurance
guaranty association pursuant to chapter 77 of the insurance code
of 1956, 1956 PA 218, MCL 500.7701 to 500.7780.
(2) The assessments of an insurance company from the
immediately preceding tax year shall be used in calculating the
credits allowed under this section for each tax year.
(3) For tax years beginning on and after the effective date of
the amendatory act that added this subsection, an insurance company
shall not include in the calculation of a credit under this section
amounts paid to the Michigan automobile insurance placement
facility that are attributable to the assigned claims plan approved
under chapter 31 of the insurance code of 1956, 1956 PA 218, MCL
500.3101 to 500.3179.