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MI HB5407

Bill

Status

Introduced

2/16/2012

Primary Sponsor

Phil Cavanagh

Click for details

Origin

House of Representatives

96th Legislature

AI Summary

  • 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.

  • Sets the credit percentage at 10% for tax years beginning after December 31, 2007 and before January 1, 2009.

  • Sets the credit percentage at 20% for tax years beginning after December 31, 2008 (removing the prior January 1, 2012 expiration date).

  • Removes the prior provision that would have reduced the credit to 6% for tax years beginning after December 31, 2011.

  • 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

Committee Referrals

Tax Policy2/16/2012

Full Bill Text

No bill text available