Introduced
by
To authorize a Michigan Business Tax credit equal to 75 percent of certain contributions made by a firm to the <a href="http://www.michiganvotes.org/2005-SB-640">individual or family development account</a>” program, in which non-profit organizations manage tax exempt accounts of up to $5,000 for a low income person or family, with the beneficiary matching the deposits with money or volunteer work. Money in the accounts can be used for certain education, home acquisition or repair, or business start-up expenses.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
To move back the tax year for which the bill is effective from 2008 to 2009.
The amendment passed by voice vote
Passed in the Senate 37 to 0 (details)
Referred to the Committee on Banking and Financial Services
Passed in the House 104 to 0 (details)
To authorize a Michigan Business Tax credit equal to 75 percent of certain contributions made by a firm to the <a href="http://www.michiganvotes.org/2005-SB-640">individual or family development account</a>” program, in which non-profit organizations manage tax exempt accounts of up to $5,000 for a low income person or family, with the beneficiary matching the deposits with money or volunteer work. Money in the accounts can be used for certain education, home acquisition or repair, or business start-up expenses.
