MI SB0986

Establishes a tax credit for insurance companies that purchase PTP (prepayment) certificates under the Michigan insurance premium tax prepayment act for tax years beginning after December 31, 2013 through the 2023 tax year.

Allows certificate holders to claim a credit equal to 10% of the certificate purchase price against Michigan income tax or insurance premium tax liability under MCL 500.476a.

Permits unused credit amounts to be carried forward for up to 10 years to offset future tax liability, but does not allow refunds of excess credits.

Authorizes taxpayers to claim a portion of the credit and assign the remaining amount to other taxpayers on forms prescribed by the department, with assignment documentation required within 30 days.

Caps total PTP certificates issued by the department at an amount not exceeding $900,000,000.00 in credits; bill is contingent on enactment of Senate Bills 985 and 987.