HOUSE BILL No. 6622

 

November 12, 2008, Introduced by Rep. Bieda and referred to the Committee on Tax Policy.

 

     A bill to amend 2007 PA 36, entitled

 

"Michigan business tax act,"

 

by amending section 422 (MCL 208.1422).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 422. (1) Subject to subsection (2), a taxpayer that makes

 

charitable contributions of $50,000.00 or more during the tax year

 

to either of the following may claim a credit against the tax

 

imposed by this act equal to 50% of the amount by which the

 

aggregate amount of the charitable contributions to either of the

 

following exceeds $50,000.00:

 

     (a) A municipality in this state or a nonprofit corporation

 

affiliated with a municipality and an art, historical, or

 

zoological institute in this state for the purpose of benefiting

 


the art, historical, or zoological institute.

 

     (b) An institution in this state devoted to the procurement,

 

care, study, and display of objects of lasting interest or value.

 

     (2) The credit allowed under this section for any tax year

 

shall not exceed $100,000.00.

 

     (3) If the amount of the credit allowed under this section

 

exceeds the tax liability of the taxpayer for the tax year, that

 

portion of the credit that exceeds the tax liability shall not be

 

refunded.

 

     Enacting section 1. This amendatory act is retroactive and

 

effective for taxes levied on and after January 1, 2008.