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MI HB5458

Bill

Official Source

Status

Passed

7/13/2016

Primary Sponsor

Earl Poleski

Click for details

Origin

House of Representatives

98th Legislature

AI Summary

  • Insurance companies may claim tax credits for amounts paid to five specified Michigan insurance associations and facilities under the Insurance Code of 1956
  • For the 2016 tax year only, insurance companies may include only 35% of amounts paid to the Michigan automobile insurance placement facility attributable to the assigned claims plan in their credit calculation
  • Beginning January 1, 2017, insurance companies shall not include any amounts paid to the Michigan automobile insurance placement facility attributable to the assigned claims plan in their credit calculation
  • Prior year assessments of insurance companies are used to calculate credits allowed under this section for each tax year
  • Effective date: July 1, 2016

Legislative Description

Corporate income tax; insurance companies; credit for certain amounts paid that are attributable to the assigned claims plan; exclude. Amends sec. 637 of 1967 PA 281 (MCL 206.637).

Insurance: no-fault

Last Action

Assigned Pa 278'16 With Immediate Effect

7/13/2016

Committee Referrals

Government Operations3/15/2016

Full Bill Text

No bill text available