Michigan SB0968 amends insurance laws to create a state low-income housing tax credit.

Michigan SB0968 amends sections 476a and 476b of the Michigan Compiled Laws to establish a state low-income housing tax credit. This bill aims to promote the interstate business of domestic insurers by deterring other states from enacting discriminatory or excessive taxes. It specifies conditions for domestic insurers, including maintaining their principal place of business in Michigan and complying with certain operational requirements. The bill also outlines the administration of the tax by the state treasurer and the Michigan business tax act.

Michigan SB0968 amends insurance laws to create a state low-income housing tax credit.

Michigan SB0968 amends sections 476a and 476b of the Michigan Compiled Laws to establish a state low-income housing tax credit. This bill aims to promote the interstate business of domestic insurers by deterring other states from enacting discriminatory or excessive taxes. It specifies conditions for domestic insurers, including maintaining their principal place of business in Michigan and complying with certain operational requirements. The bill also outlines the administration of the tax by the state treasurer and the Michigan business tax act.