Section 206.252 - Headlee amendment refund.
INCOME TAX ACT OF 1967 (EXCERPT)
Act 281 of 1967
206.252 Headlee amendment refund.
Sec. 252.
(1) For the 1995 tax year only, a taxpayer may claim a credit against the tax imposed under this act equal to 2.67% of the tax imposed on the taxpayer's taxable income attributable to the period of January 1,1995 through September 30, 1995. The annualized credit percentage is 2% for taxpayers whose 1995 tax year is the 1995 calendar year. The department shall annualize the credit percentage as necessary for all other taxpayers.
(2) The credit allowed under this section shall be taken before any other credit under this act.
(3) The credit allowed under this section shall be known as “the Headlee amendment refund”.
History: Add. 1995, Act 245, Imd. Eff. Dec. 27, 1995