Introduced
by
To authorize a Michigan Business Tax credit equal to 75 percent of certain contributions made by a firm to the "<a href="http://www.michiganvotes.org/2005-SB-640">individual or family development account</a>” program, in which non-profit organizations manage tax exempt accounts of up to $5,000 for a low income person or family, with the beneficiary matching the deposits with money or volunteer work. Money in the accounts can be used for certain education, home acquisition or repair, or business start-up expenses.
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To clarify that a $1 million cap on the aggregate tax credits authorized under this program applies to credits actually issued.
The amendment passed by voice vote
Passed in the House 106 to 0 (details)
Referred to the Committee on Finance
