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MI HB6334
Bill
Status
6/30/2022
Primary Sponsor
Joseph Bellino
Click for details
AI Summary
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Establishes a $0.05 per gallon tax credit for retail dealers selling B5 fuel (diesel blended with up to 5% biodiesel) through metered pumps at their motor fuel sites for tax years 2023-2027.
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Credit applies to both individual income tax (Section 277a) and business tax (Section 677a) under the 1967 Income Tax Act.
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Members of flow-through entities may claim credits based on their distributive share of business income or through an alternative method approved by the Department of Treasury.
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Credits exceeding a taxpayer's annual tax liability are refunded rather than carried forward.
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Defines B5 fuel, motor fuel, motor fuel site, and retail dealer by reference to the 2000 Motor Fuel Tax Act.
Legislative Description
Individual income tax: credit; tax incentive for certain motor fuel retail dealers that offer grades of biodiesel; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 277a & 677a.
Individual income tax: credit
Last Action
Bill Electronically Reproduced 06/30/2022
7/20/2022