SENATE BILL No. 1003

 

 

February 18, 2004, Introduced by Senators GEORGE, BIRKHOLZ, HARDIMAN, GILBERT, CROPSEY, GOSCHKA, CHERRY, KUIPERS, BROWN and GARCIA and referred to the Committee on Finance.

 

 

        

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                 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   2003, 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  automotive dealers association appraisal guide, whichever is                

                                                                                

11  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 $100.00, or for a husband and wife filing a                

                                                                                

4   joint return as provided in section 311, $200.00.                           

                                                                                

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. 5426                

                                                                                

13                         of the 92nd Legislature is enacted into              

                                                                                

14  law.