MI HB5457

Allows insurance companies to claim credits against business taxes for amounts paid to five Michigan insurance associations: workers' compensation placement facility, basic property insurance association, automobile insurance placement facility, property and casualty guaranty association, and life and health insurance guaranty association.

For the 2016 tax year only, limits the credit for amounts paid to the Michigan automobile insurance placement facility's assigned claims plan to 35% of those payments.

For tax years beginning January 1, 2017 and after, eliminates the credit entirely for amounts paid to the automobile insurance placement facility's assigned claims plan.

Requires use of assessments from the immediately preceding tax year to calculate the allowed credits.

Effective immediately upon passage on July 1, 2016.