MI HB5135

Allows insurance companies to claim a $500 tax credit against income tax for each automobile insurance policy issued in accordance with section 3181 of the Insurance Code of 1956 for tax years beginning after December 31, 2015.

Requires the Department of Treasury to obtain reasonable proof from insurance companies supporting the automobile insurance policies claimed for the credit.

Makes the credit additive to any other tax credits the insurance company is eligible for under the income tax chapter.

Excess credits that exceed the insurance company's tax liability cannot be refunded but may be carried forward to offset tax liability in subsequent tax years for up to 5 years.

Bill is contingent on enactment of House Bill No. 5134 or Senate Bill No. ____ (request no. 04251'15) of the 98th Legislature.