Loading chat...
MI HB4443
Bill
Status
4/27/2021
Primary Sponsor
Jim Lilly
Click for details
AI Summary
-
Allows beverage container distributors to claim a tax credit of $0.005 per returnable container sold during the tax year, effective for tax years beginning January 1, 2020 and later.
-
Credit amount adjusts annually starting in 2021 based on the percentage increase in the United States Consumer Price Index for the preceding calendar year.
-
Provides an additional credit equal to the refund value per returnable container that was over-redeemed during the tax year.
-
Requires taxpayers to attach a report (as specified in MCL 445.573a) to their annual tax return when claiming the credit, and allows excess credits to be refunded if they exceed tax liability.
-
Applies retroactively to tax years beginning on or after January 1, 2020.
Legislative Description
Corporate income tax: credits; distributor credit for returnable containers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding secs. 279 & 679.
Individual income tax: credit
Last Action
Referred To Committee Of The Whole With Substitute (s-2)
6/9/2021