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MI HB5546
Bill
Status
6/12/2024
Primary Sponsor
Will Snyder
Click for details
AI Summary
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Establishes a tax credit of $0.005 per returnable beverage container sold during the tax year for distributors who originate deposits on beverage containers, effective for tax years beginning January 1, 2024
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Credit amount adjusts annually beginning in 2025 based on the percentage increase in the United States Consumer Price Index for the preceding calendar year
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Requires taxpayers to attach a report under MCL 445.573a to their annual tax return to claim the credit
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Allows credits exceeding the taxpayer's tax liability to be refunded, with special provisions for partnerships, limited liability companies, and subchapter S corporations to claim credits based on proportionate ownership shares
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Applies the same credit to both individual income tax (section 279) and corporate income tax (section 679) under the 1967 Income Tax Act
Legislative Description
Corporate income tax: credits; distributor credit for returnable containers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 279 & 679.
Individual income tax: credit
Last Action
Reassigned To Committee On Appropriations
6/18/2024