SENATE BILL No. 492

 

 

May 11, 2005, Introduced by Senator BARCIA and referred to the Committee on Finance.

 

 

 

 

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.532) by adding section 272.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 272. (1) For tax years that begin after December 31,

 

2004, a taxpayer may claim a credit against the tax imposed by this

 

act equal to the cost paid for the purchase in the tax year by the

 

taxpayer of either of the following:

 

     (a) A substance that is or contains a dye that will, on

 

release from a container that holds anhydrous ammonia, stain

 

objects that it comes in contact with, including skin and clothing,

 

in a highly visible manner.

 

     (b) A functioning tank or valve lock properly installed on an


 

anhydrous ammonia tank.

 

     (2) If the amount of the credit allowed under this section

 

exceeds the tax liability of the taxpayer for the tax year, that

 

portion of the credit that exceeds the tax liability shall be

 

refunded.

 

     (3) As used in this section, "anhydrous ammonia" means an

 

inorganic compound that does not contain water and consists of 1

 

nitrogen atom and 3 hydrogen atoms.