SB-1003, As Passed Senate, June 30, 2004                                    

SUBSTITUTE FOR

SENATE BILL NO. 1003

                                                                             A bill to amend 1967 PA 281, entitled                                             

"Income tax act of 1967,"                                                   

(MCL 206.1 to 206.532) by adding section 269.                               

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1   Sec. 269.  (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  automotive dealers association, whichever is less.                          

1       (3) For a taxpayer other than a resident estate or trust, the               

2   amount allowable as a credit under this section for a tax year              

3   shall not exceed $50.00, or for a husband and wife filing a joint           

4   return as provided in section 311, $100.00.                                 

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

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

7   exceeds the tax liability shall not be refunded.                            

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

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

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

11      Enacting section 1.  This amendatory act does not take                      

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

13  enacted into law.