HB-5463, As Passed Senate, June 30, 2004                                    

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 5463

                                                                             A bill to amend 1975 PA 228, entitled                                             

"Single business tax act,"                                                  

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

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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

2   2004 and before January 1, 2010, a taxpayer may claim a credit              

3   against the tax imposed by this act, subject to the applicable              

4   limitations provided by this section, in an amount equal to 50%             

5   of the fair market value of an automobile donated by the taxpayer           

6   to a qualified organization that intends to provide the                     

7   automobile to a qualified recipient.                                        

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

9   the qualified organization or by using the value of the                     

10  automobile in the appropriate guide published by the national               

11  automobile dealers association, whichever is less.                          

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

2   tax year shall not exceed $100.00.                                          

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

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

5   exceeds the tax liability shall not be refunded.                            

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

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

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

9       Enacting section 1.  This amendatory act does not take                      

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

11  enacted into law.