MI HB6453

Allows qualified taxpayers to claim a tax credit of $4,000 minus any Michigan promise grant payments received, for tax years beginning after December 31, 2009.

Qualified taxpayer must have graduated high school after 2006 and earned an associate degree, 2-year vocational certificate after 2008, or bachelor's degree within 10 years of initial enrollment at an approved Michigan postsecondary institution.

Requires qualified taxpayer to be a full-year Michigan resident and have earned income from wages, self-employment, partnership, or S-corporation in the year following degree completion.

Credit cannot exceed taxpayer's tax liability; any excess amount shall be refunded.

Allows promise zone authorities to receive the tax credit directly if the qualified taxpayer provides authorization on a department-prescribed form.