5591: FLOOR ANALYSIS (5-22-02) - LIST CREDITS AND DEDUCTIONS

LIST CREDITS AND DEDUCTIONS - H.B. 5591 (S-2): FLOOR ANALYSIS

House Bill 5591 (Substitute S-2 as reported)

Sponsor: Representative Nancy Cassis

House Committee: Tax Policy

Senate Committee: Finance

CONTENT

The bill would amend the Income Tax Act to require the Department of Treasury to provide a clear and concise listing of each credit and deduction allowed under the Act, and a reference to a detailed explanation, in the instruction booklet that accompanies the annual return. The Department also would have to post the list on its official website.

MCL 206.471 - Legislative Analyst: George Towne

FISCAL IMPACT

This bill would have a minimal fiscal impact on the State. Depending on the additional information that would be included, the bill could lengthen the instruction booklet for income tax filing. There could be a marginal increase in the printing cost of the booklet. No costs are anticipated from posting the information on the Department's website.

There would be no fiscal impact on local government.

Date Completed: 5-22-02 - Fiscal Analyst: Jessica RunnelsFloor\hb5591 - Bill Analysis @ http://www.senate.state.mi.us/sfa

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.