Corporate income tax: credits; distributor credit for returnable containers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 279 & 679. TIE BAR WITH: SB 512'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill creates a tax credit for distributors of beverage containers that are returnable. The credit is $0.005 per returnable container sold, but it will increase each year based on the Consumer Price Index. Distributors must report their container sales to qualify for the credit, and any credit exceeding their tax liability will be refunded.
Key provisions
- Establishes a $0.005 per returnable container credit for beverage container distributors.
- The credit amount adjusts annually based on the US Consumer Price Index.
- Distributors must report container sales to claim the credit.
- Excess credit not used against tax liability is refunded.
- Defines key terms such as ‘beverage container,’ ‘distributor,’ and ‘returnable container’.
Who is affected
- Beverage container distributors
- Businesses subject to Michigan corporate income tax
Notable changes
- Introduces a new tax credit specifically for distributors of returnable beverage containers.
- Links the credit amount to the Consumer Price Index, ensuring it keeps pace with inflation.
Bill text
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- Senate Introduced Bill
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