SB-0503, As Passed Senate, June 29, 2005
May 17, 2005, Introduced by Senators HAMMERSTROM and SCHAUER and referred to the Committee on Finance.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 440 (MCL 206.440), as amended by 1996 PA 484.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 440. (1) Effective for the tax year beginning January 1,
1982
and until the state treasurer certifies that the assets in
the
children's trust fund exceed $20,000,000.00 and before January
1, 2005, an individual may designate on his or her annual return
that a contribution of $2.00 or more of his or her refund and for
tax years beginning on and after January 1, 2005, an individual may
designate on his or her annual return that a contribution of $5.00
or more of his or her refund be credited to the children's trust
fund. If a taxpayer's refund is not sufficient to make a
contribution under this section, the taxpayer may designate a
contribution amount and that contribution amount shall be added to
the taxpayer's tax liability for the tax year.
(2) The contribution designation authorized in this section
shall be clearly and unambiguously printed on the first page of the
state individual income tax return.