Income tax; credit; certain property used by nonprofit
   conservancies; provide for credit.

   INCOME TAX:  Credit; NATURAL RESOURCES:  Other






















        A bill to amend 1967 PA 281, entitled

   "Income tax act of 1967,"

   (MCL 206.1 to 206.532) by adding section 267.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         SEC. 267.  (1) FOR THE 1999 TAX YEAR AND EACH TAX YEAR AFTER

 2    THE 1999 TAX YEAR, A TAXPAYER MAY CLAIM A CREDIT AGAINST THE TAX

 3    IMPOSED BY THIS ACT EQUAL TO THE VALUE OF THE RENT-FREE USE OF

 4    PROPERTY OWNED BY THE TAXPAYER CONTRIBUTED TO AN ENTITY EXEMPT

 5    FROM TAX UNDER SECTION 501(c)(3) OF THE INTERNAL REVENUE CODE IF

 6    THE CONTRIBUTION IS A QUALIFIED CONSERVATION CONTRIBUTION.

 7         (2) AS USED IN THIS SECTION:

 8         (A) "CONSERVANCY" MEANS A NONPROFIT ORGANIZATION DEDICATED

 9    TO THE PROTECTION, RESTORATION, OR MANAGEMENT OF LAND FOR THE

10    LAND'S NATURAL, ECOLOGICAL, CONSERVATION, OR RECREATIONAL VALUE.




   04379'99                                                 RJA
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 1         (B) "QUALIFIED CONSERVATION CONTRIBUTION" MEANS THAT TERM AS

 2    DEFINED IN SECTION 170(h) OF THE INTERNAL REVENUE CODE OR A

 3    CONTRIBUTION THAT IS TO A CONSERVANCY AND OTHERWISE QUALIFIES FOR

 4    A CREDIT UNDER SECTION 170(f)(3) OF THE INTERNAL REVENUE CODE.
















































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