May 25, 2006, Introduced by Reps. Meyer, Moore, Booher and Shaffer and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 275.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 275. (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 the cost paid by the taxpayer in the tax year for the
purchase and installation of a corn-burning stove or boiler for use
in the taxpayer's principal residence, not to exceed $500.00 per
stove or boiler.
(2) 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 not be
refunded.
(3) As used in this section:
(a) "Corn-burning stove or boiler" means a stove or boiler
designed specifically to utilize shelled corn as fuel to be used to
heat a residential property.
(b) "Principal residence" means that term as defined in
section 7dd of the general property tax act, 1893 PA 206, MCL
211.7dd, and exempt from taxation as provided in section 7cc of the
general property tax act, 1893 PA 206, MCL 211.7cc.