Individual income tax: credit; credit for fostering animals; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 285.

HB 5063 creates a state income tax credit for Michigan taxpayers who foster animals in their homes. Eligible taxpayers can claim a $50 credit per animal fostered for at least 7 days during the tax year, with an additional $50 for each extra 30 days per animal (capped at 5 animals yearly). To qualify, taxpayers must provide verification from a qualified nonprofit animal rescue, shelter, or registered animal control facility. The credit amount will adjust annually based on the U.S. Consumer Price Index starting in 2027, but any unused portion cannot be refunded if it exceeds the taxpayer’s total tax bill.