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MI HB5407
Bill
Status
2/16/2012
Primary Sponsor
Phil Cavanagh
Click for details
AI Summary
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Allows taxpayers to claim a credit against Michigan income tax equal to a percentage of the federal earned income tax credit (EITC) under Internal Revenue Code section 32 for tax years beginning after December 31, 2007.
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Sets the credit percentage at 10% for tax years beginning after December 31, 2007 and before January 1, 2009.
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Sets the credit percentage at 20% for tax years beginning after December 31, 2008 (removing the prior January 1, 2012 expiration date).
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Removes the prior provision that would have reduced the credit to 6% for tax years beginning after December 31, 2011.
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Requires the state treasurer to refund any credit amount exceeding the taxpayer's tax liability without interest, with an effective date of January 1, 2012.
Legislative Description
Income tax; credit; earned income tax credit; increase. Amends sec. 272 of 1967 PA 281 (MCL 206.272).
Income tax, credit
Last Action
Printed Bill Filed 02/17/2012
2/21/2012