Allows insurers to claim housing opportunity tax credits against retaliatory taxes.
This bill amends Michigan insurance laws to allow insurers to claim housing opportunity tax credits against retaliatory taxes. Specifically, it permits insurers to offset the retaliatory tax with the housing opportunity tax credit they would be eligible for as a qualified taxpayer for a qualified project. This provision aims to promote interstate business by discouraging other states from imposing discriminatory or excessive taxes on Michigan insurers.
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