September 30, 2003, Introduced by Reps. Hoogendyk, Sheen, Voorhees, Pastor, Hager, Steil, Drolet, Stahl, Huizenga, Brandenburg, Middaugh, Acciavatti and Milosch 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 206.532) by adding section 270.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 270. (1) For tax years that begin after December 31,
2 2002, a taxpayer may claim a credit against the tax imposed by
3 this act equal to the cost paid for all books purchased by the
4 taxpayer or by a person who resides with the taxpayer during the
5 tax year if a person under the age of 16 resides in the home of
6 the taxpayer, not to exceed $120.00 per tax year.
7 (2) If the amount of the credit allowed under this section
8 exceeds the tax liability of the taxpayer for the tax year, that
9 portion of the credit that exceeds the tax liability shall not be
10 refunded.