Section 206.269 - Tax credit for automobile donated by taxpayer to qualified recipient. - Michigan Statutes

INCOME TAX ACT OF 1967 (EXCERPT)
Act 281 of 1967

206.269 Tax credit for automobile donated by taxpayer to qualified recipient.

Sec. 269.

(1) A taxpayer may claim a credit against the tax imposed by this act, subject to the applicable limitations provided by this section, in an amount equal to 50% of the fair market value of an automobile donated by the taxpayer to a qualified organization that intends to provide the automobile to a qualified recipient.

(2) The value of a passenger vehicle shall be determined by the qualified organization or by using the value of the automobile in the appropriate guide published by the national automotive dealers association, whichever is less.

(3) For a taxpayer other than a resident estate or trust, the amount allowable as a credit under this section for a tax year shall not exceed $50.00, or for a husband and wife filing a joint return as provided in section 311, $100.00.

(4) If the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that amount that exceeds the tax liability shall not be refunded.

(5) As used in this section, "qualified organization" and "qualified recipient" mean those terms as defined in section 4y of the use tax act, 1937 PA 94, MCL 205.94y.

History: Add. 2004, Act 313, Imd. Eff. Aug. 27, 2004 ;-- Am. 2009, Act 195, Imd. Eff. Dec. 28, 2009
Compiler's Notes: Former MCL 206.269, which pertained to credit against single business tax act, was repealed by Act 484 of 1996, Eff. Jan. 1, 1996.