HOUSE BILL NO. 5264

October 26, 2023, Introduced by Reps. Schuette, DeBoer, Borton, Smit, Johnsen, Meerman, BeGole and Schmaltz and referred to the Committee on Families, Children and Seniors.

A bill to amend 1967 PA 281, entitled

"Income tax act of 1967,"

(MCL 206.1 to 206.847) by adding section 275.

the people of the state of michigan enact:

Sec. 275. A taxpayer may credit against the tax imposed by this part an amount equal to 50% of the credit the taxpayer is allowed to claim as a credit under section 24 of the internal revenue code for a tax year on a return filed under this act for the same tax year. If the credit allowed by this section exceeds the tax liability of the taxpayer for the tax year, that portion of the credit that exceeds the tax liability must be refunded.