May 26, 2004, Introduced by Reps. Hunter, Tobocman, Smith, Cheeks, McConico, Accavitti, Condino, Farrah, Lipsey, Rivet, Woodward, Gieleghem, Waters and Daniels and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 272.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 272. (1) For tax years that begin after December 31,
2 2004, a taxpayer who is a resident of this state may claim a
3 credit against the tax imposed by this act equal to the amount by
4 which the taxpayer's premium for automobile insurance coverage is
5 greater than the statewide average premium for comparable
6 automobile insurance coverage in this state.
7 (2) The office of financial and insurance services of the
8 department of labor and economic growth shall determine the
9 statewide average premiums for automobile insurance coverage
10 semiannually and make that information available to insurers and
11 individuals who purchase automobile insurance coverage.
1 (3) If the amount of the credit allowed under this section
2 exceeds the tax liability of the taxpayer for the tax year, that
3 portion of the credit that exceeds the tax liability shall be
4 refunded.