MI SB0361

Allows wholesale dealers, retail dealers, distributors, manufacturers, and sellers of cigarettes or tobacco products to claim a one-time tax credit for their first tax year beginning after December 31, 2010

Credit applies only to taxpayers who paid federal and state excise taxes on cigarettes or tobacco products during 2008 and 2009 tax years

For 2008 tax year, credit equals the difference between actual tax liability and what liability would have been if 100% of excise taxes were deductible instead of 60%

For 2009 tax year, credit equals the difference between actual tax liability and what liability would have been if 100% of excise taxes were deductible instead of 75%

Any credit amount exceeding the taxpayer's tax liability for the year shall be refunded