Bill Text: MI HB4922 | 2015-2016 | 98th Legislature | Introduced

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Bill Title: Individual income tax; credit; child and dependent care credit; create. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 275.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-09-30 - Printed Bill Filed 09/30/2015 [HB4922 Detail]

Download: Michigan-2015-HB4922-Introduced.html

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HOUSE BILL No. 4922

September 29, 2015, Introduced by Rep. Chang and referred to the Committee on Tax Policy.

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.713) by adding section 275.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 275. (1) For the tax years that begin after December 31,

 

2015, a taxpayer with an adjusted gross income as defined in the

 

internal revenue code of $100,000.00 or less may claim a credit

 

against the tax imposed by this part equal to $400.00 multiplied by

 

the number of exemptions claimed by the taxpayer under section

 

30(2) in the tax year for dependents of the taxpayer who are

 

children younger than 14 years of age on the last day of the tax

 

year.

 

     (2) If the amount of the credit allowed under this section

 

exceeds the tax liability of the taxpayer for the tax year, that

 

portion of the credit that exceeds the tax liability shall be

 

refunded.