Introduced
by
To authorize income tax credits of any amount for contributions made by a taxpayer to a separate state account the bill would create called the “Advancing Michigan Future Fund,” which could be spent on whatever “public purposes” that Department of Treasury officials may select. Tax credits that exceed a person’s tax liability for a year could be “carried forward” and used to offset future tax liabilities for up to five years, making them close to cash-subsidies, and diverting that revenue from regular state spending to this unspecified spending.
Referred to the Committee on Tax Policy
