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MI HB4609
Bill
Status
5/14/2015
Primary Sponsor
Jeffry Farrington
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AI Summary
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Amends section 272 of the Michigan Income Tax Act of 1967 to modify the earned income tax credit (EITC) allowed to taxpayers.
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Establishes a phased reduction of the EITC credit percentage: 10% for tax years 2008-2008, 20% for tax years 2009-2011, 6% for tax years 2012-2014, and 0% for tax years beginning after December 31, 2014.
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Eliminates the Michigan EITC entirely for tax years beginning after December 31, 2014, reducing the credit to 0%.
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Requires the state treasurer to refund any excess credit that exceeds a taxpayer's tax liability without interest.
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Takes effect retroactively for tax years beginning on or after January 1, 2015, contingent upon enactment of HB 4605 or Senate Bill No. ____.
Legislative Description
Individual income tax; credit; earned income tax credit; eliminate. Amends sec. 272 of 1967 PA 281 (MCL 206.272). TIE BAR WITH: HB 4605'15
Individual income tax: credit
Last Action
Referred To Committee Of The Whole With Substitute S-1
7/15/2015