February 18, 2004, Introduced by Senators CHERRY, JACOBS, HARDIMAN, GEORGE, BIRKHOLZ, CROPSEY, GOSCHKA, KUIPERS and BROWN and referred to the Committee on Finance.
A bill to amend 1975 PA 228, entitled
"Single business tax act,"
(MCL 208.1 to 208.145) by adding section 37f.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 37f. (1) For tax years that begin after December 31,
2 2003, a taxpayer may claim a credit against the tax imposed by
3 this act, subject to the applicable limitations provided by this
4 section, in an amount equal to 50% of the fair market value of an
5 automobile donated by the taxpayer to a qualified organization
6 that intends to provide the automobile to a qualified recipient.
7 (2) The value of a passenger vehicle shall be determined by
8 the qualified organization or by using the value of the
9 automobile in the appropriate guide published by the national
10 automobile dealers association appraisal guide, whichever is
11 less.
1 (3) The amount allowable as a credit under this section for a
2 tax year shall not exceed $200.00.
3 (4) If the credit allowed under this section exceeds the tax
4 liability of the taxpayer for the tax year, that amount that
5 exceeds the tax liability shall not be refunded.
6 (5) As used in this section, "qualified organization" and
7 "qualified recipient" mean those terms as defined in section 4y
8 of the use tax act, 1937 PA 94, MCL 205.94y.