January 12, 2005, Introduced by Senator 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 35d.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 35d. (1) For tax years that begin after December 31,
2005, a taxpayer that pays, in whole or in part, premiums for a
health insurance plan that includes coverage for mental health and
substance abuse services for its employees may claim a credit
against the tax imposed by this act equal to 2% of those premiums
for that health insurance plan paid in the tax year.
(2) If the credit allowed under this section for the tax year
and any unused carryforward of the credit allowed under this
section exceed the tax liability of the taxpayer for the tax year,
the excess shall not be refunded, but may be carried forward as an
offset to the tax liability in subsequent tax years for 10 tax
years or until the excess credit is used up, whichever occurs
first.