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.