Individual income tax: credit; tax incentive for contributions made to certain ballot and candidate committees; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 280.
Impact
Starting from the tax year beginning January 1, 2024, taxpayers can receive a tax credit of up to $250 for a single return and $500 for a joint return. This initiative aims to encourage civic engagement in the form of financial support for candidates, which supporters argue will enhance democratic participation. Moreover, the potential for refunding credit amounts exceeding tax liabilities further adds an incentive for higher contributions, allowing taxpayers to invest in political processes without the risk of financial loss.
Summary
House Bill 4334 seeks to amend the Income Tax Act of 1967 in Michigan by introducing a tax credit structure for individuals contributing to political campaigns. The bill allows taxpayers to claim credits against their income tax based on contributions made to candidate committees or ballot question committees associated with state or local elective offices. Importantly, contributions to independent committees or political party committees are excluded from this credit, emphasizing a focus on direct candidate support.
Contention
The bill is likely to spark discussions around the implications of financial influence in politics, particularly regarding transparency and equity in political funding. Opponents may argue that even well-intentioned financial incentives could lead to disproportionate influence by wealthier individuals in political campaigns, thus skewing the democratic process. Furthermore, the exclusion of certain types of committee contributions might raise concerns about fairness and access for a broader range of candidates, potentially favoring established political figures over newcomers.
Individual income tax: credit; credit for certain investments in Michigan businesses; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 280.
Individual income tax: credit; credit for contributions to certain pregnancy resource centers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 259.
Individual income tax: credit; credit for sales and use tax paid for textbooks purchased by eligible students; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 280.
Individual income tax: credit; credit for sales and use tax paid for textbooks purchased by eligible students; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 280.
Individual income tax: credit; incentives for the sale and production of biodiesel; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 277a & 677a.
Individual income tax: credit; credit for cash and food donations to certain nonprofit organizations; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 260 & 679.
Campaign finance: committees; independent committees by certain candidates considered 1 committee for certain purposes; provide for. Amends 1976 PA 388 (MCL 169.201 - 169.282) by adding sec. 27.
Campaign finance: contributions and expenditures; provision related to officeholders raising funds when facing a recall; modify, and require candidate to establish a separate account used for recall purposes. Amends secs. 3, 11, 12, 21, 24 & 52 of 1976 PA 388 (MCL 169.203 et seq.) & adds sec. 21b.
Campaign finance: contributions and expenditures; funds donated to a candidate for recall efforts; require candidate to establish a separate account used for recall purposes. Amends secs. 3, 11, 12, 21, 24 & 52 of 1976 PA 388 (MCL 169.203 et seq.) & adds sec. 21b.
A concurrent resolution recognizing wild rice as sacred and central to the culture and health of Indigenous Peoples in Minnesota and critical to the health and identity of all Minnesota citizens and ecosystems and establishing a commitment to passing legislation to protect wild rice and the freshwater resources upon which it depends.