A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 260.
The bill would amend the Income Tax Act to do the following: -- Allow a taxpayer, beginning on and after January 1, 2023, to claim a credit against the individual income tax in an amount equal to 50% of the sum of the taxpayer's contributions to a homeless shelter, food kitchen, or food bank if the taxpayer received a written acknowledgement from the entity for which the contribution was made. -- Limit the maximum amount of the credit to no more than $100, $200 for a joint return, or, in the case of a resident estate or trust, 10% of the taxpayer's total tax liability or $5,000, whichever was less. -- Allow an entity to request that the Department of Treasury determine whether a contribution to that entity would qualify for the credit.
Co-sponsored by Sens.
Referred to the Committee on Finance, Insurance, and Consumer Protection
Reported with substitute S-1
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
Passed in the Senate 35 to 3 (details)
Referred to the Committee on Tax Policy
