Michigan SB0514 amends corporate income tax to allow distributors a credit for returnable containers.

Michigan SB0514 amends the corporate income tax law to allow distributors a credit for returnable containers. Starting from the 2026 tax year, distributors can claim a credit of $0.005 per returnable container sold. This credit amount will adjust annually based on the United States Consumer Price Index. Distributors must attach a required report to their annual return to be eligible for the credit. If the credit exceeds the tax liability, the excess must be refunded. The bill's enactment is contingent on the passage of Senate Bill No. 512.

Michigan SB0514 amends corporate income tax to allow distributors a credit for returnable containers.

Michigan SB0514 amends the corporate income tax law to allow distributors a credit for returnable containers. Starting from the 2026 tax year, distributors can claim a credit of $0.005 per returnable container sold. This credit amount will adjust annually based on the United States Consumer Price Index. Distributors must attach a required report to their annual return to be eligible for the credit. If the credit exceeds the tax liability, the excess must be refunded. The bill's enactment is contingent on the passage of Senate Bill No. 512.