Section 206.707 - Eligibility for tax credit. - Michigan Statutes

INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACT (EXCERPT)
Act 513 of 2006

206.707 Eligibility for tax credit.

Sec. 7.

An individual who is not an account holder and who is subject to the tax imposed by the income tax act of 1967, 1967 PA 281, MCL 206.1 to 206.532, or a taxpayer who is subject to the tax imposed by the Michigan business tax act, 2007 PA 36, MCL 208.1101 to 208.1601, if applicable, may claim a credit under section 276 of the income tax act of 1967, 1967 PA 281, MCL 206.276, equal to 75% of the contributions made to the reserve fund of a fiduciary organization against the tax imposed by the income tax act of 1967, 1967 PA 281, MCL 206.1 to 206.532, or the Michigan business tax act, 2007 PA 36, MCL 208.1101 to 208.1601, if applicable.

History: 2006, Act 513, Eff. Jan. 1, 2007 ;-- Am. 2008, Act 450, Imd. Eff. Jan. 9, 2009