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HB-6292, As Passed House, September 13, 2006

SUBSTITUTE FOR

HOUSE BILL NO. 6292

A bill to amend 1967 PA 281, entitled

"Income tax act of 1967,"

(MCL 206.1 to 206.532) by adding section 276.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

Sec. 276. (1) For tax years that begin after December 31,

2006, a taxpayer may claim a credit against the tax imposed by this

act equal to 50% of the sum of the following not to exceed $100.00

for a single return or $200.00 for a joint return:

(a) Cash donations made to the statewide network of cord blood

stem cell banks established pursuant to section 2682 of the public

health code, 1978 PA 368, MCL 333.2682.

(b) Cash donations made to a qualified cord blood stem cell

bank in the network established pursuant to section 2682 of the

public health code, 1978 PA 368, MCL 333.2682.

(2) In addition to the credit allowed under subsection (1),

for tax years that begin after December 31, 2006, a taxpayer may

claim both of the following:

(a) If the taxpayer makes a donation of cord blood to a cord

blood stem cell bank pursuant to section 2682 of the public health

code, 1978 PA 368, MCL 333.2682, the taxpayer may claim a credit

equal to $100.00 in the year of the donation.

(b) If the taxpayer banks cord blood in a private cord blood

stem cell bank and that cord blood is used exclusively for the

taxpayer or a member of the taxpayer's family, the taxpayer may

claim a credit equal to $100.00 in the year of the donation. The

credit under this subdivision does not apply if the taxpayer banks

cord blood as part of a designated free blood collection and

storage program.

(3) If the amount of the credit allowed under this section

exceeds the tax liability of the taxpayer for the tax year, that

portion of the credit that exceeds the tax liability shall be

refunded.

(4) As used in this section:

(a) "Cord blood" means blood collected from the separated

placenta or umbilical cord immediately after birth.

(b) "Family member" means a donor child or a relative within

the second degree of consanguinity to the donor.

nongovernmental nonpublic cord stem cell bank that is both