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.