Section 206.271 – Recomputation of Taxable Income by Excluding Proportional Gain or Loss on Disposition of Property.
206.271 Recomputation of taxable income by excluding proportional gain or loss on disposition of property. Sec. 271. (1) A taxpayer subject to the tax levied by section 51 and whose income received after September 30, 1967 is increased or diminished by the disposition of property acquired before October 1, 1967, which is described in and […]
Section 206.272 – Tax Credit; Amount Equal to Federal Credit; Refund.
206.272 Tax credit; amount equal to federal credit; refund. Sec. 272. (1) For the following tax years that begin after December 31, 2007, a taxpayer may credit against the tax imposed by this act an amount equal to the specified percentages of the credit the taxpayer is allowed to claim as a credit under section […]
Section 206.273 – Repealed. 2000, Act 499, Eff. Dec. 31, 2001.
206.273 Repealed. 2000, Act 499, Eff. Dec. 31, 2001. Compiler’s Notes: The repealed section pertained to credit for prescription drugs.
Section 206.274-206.276 – Repealed. 2011, Act 38, Eff. Jan. 1, 2012.
206.274-206.276 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler’s Notes: The repealed sections pertained to tax credit claimed for student fees and tuition, certificate of stillbirth, and contributions to individual or family development account program.
Section 206.278 – Qualified Investment in Qualified Business; Tax Credit; Definitions.
206.278 Qualified investment in qualified business; tax credit; definitions. Sec. 278. (1) Subject to the limitations provided under this section, a taxpayer that makes a qualified investment after December 31, 2010 and before January 1, 2012 in a qualified business may claim a credit against the tax imposed by this act equal to 25% of […]
Section 206.270 – Tax Voucher Certificate; Definitions.
206.270 Tax voucher certificate; definitions. Sec. 270. (1) For tax years that begin after December 31, 2008, a taxpayer to whom a tax voucher certificate is issued under an agreement entered into before January 1, 2012 or a taxpayer that is the transferee of a tax voucher certificate that is issued under an agreement entered […]
Section 206.251 – Credit for Taxes Withheld; Election to Treat as Total Tax.
206.251 Credit for taxes withheld; election to treat as total tax. Sec. 251. (1) The amount withheld under section 703 shall be allowed to the recipient of the compensation as a credit against the tax imposed on him or her by this part. (2) The amount so withheld during any calendar year shall be allowed […]
Section 206.252, 206.253 – Repealed. 2011, Act 38, Eff. Jan. 1, 2012.
206.252, 206.253 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler’s Notes: The repealed sections pertained to Headlee amendment refund and tax credit relating to purchase and installation of qualified home improvement.
Section 206.254 – Flow-Through Entity Members; Tax Credit for Tax Paid by the Flow-Through Entity; Refundable.
206.254 Flow-through entity members; tax credit for tax paid by the flow-through entity; refundable. Sec. 254. (1) Except as otherwise provided under this section, for tax years beginning on and after January 1, 2021, a taxpayer who is either a member of a flow-through entity that elects to file a return and pay the tax […]
Section 206.255 – Credit for Tax Imposed by Another State, District of Columbia, or Canadian Province; Allowance of Canadian Provincial Credit; Maximum Credit.
206.255 Credit for tax imposed by another state, District of Columbia, or Canadian province; allowance of Canadian provincial credit; maximum credit. Sec. 255. (1) A resident individual or resident estate or trust is allowed a credit against the tax due under this part for the amount of an income tax imposed on the resident individual […]