HB-5463, As Passed House, April 22, 2004

SUBSTITUTE FOR

HOUSE BILL NO. 5463

                   (As amended April 22, 2004)                              

                                                                             A bill to amend 1975 PA 228, entitled                                             

"Single business tax act,"                                                  

(MCL 208.1 to 208.145) by adding section 37f.                               

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1   Sec. 37f.  (1) For tax years that begin after December 31,                  

2   2004 [and before January 1, 2010], a taxpayer may claim a credit against the tax imposed by                                                                  

3   this act, subject to the applicable limitations provided by this            

4   section, in an amount equal to 50% of the fair market value of an           

5   automobile donated by the taxpayer to a qualified organization              

6   that intends to provide the automobile to a qualified recipient.            

7       (2) The value of a passenger vehicle shall be determined by                 

8   the qualified organization or by using the value of the                     

9   automobile in the appropriate guide published by the national               

10  automobile dealers association, whichever is less.                          

11      (3) The amount allowable as a credit under this section for a               

1   tax year shall not exceed $200.00.                                          

2       (4) If the credit allowed under this section exceeds the tax                

3   liability of the taxpayer for the tax year, that amount that                

4   exceeds the tax liability shall not be refunded.                            

5       (5) As used in this section, "qualified organization" and                   

6   "qualified recipient" mean those terms as defined in section 4y             

7   of the use tax act, 1937 PA 94, MCL 205.94y.

8       Enacting section 1.  This amendatory act does not take                      

9   effect unless House Bill No. 5653 of the 92nd Legislature is                

10  enacted into law.