MI HB5001

Allows individuals to designate refund contributions of $5.00 or more to various charitable and public funds starting with the 2008 tax year.

Adds the Detroit college promise fund as a new contribution option beginning with the 2012 tax year.

Requires the Department of Treasury to maintain a separate contributions schedule listing all available fund designations in alphabetical order.

Permits the Department to remove a fund designation from the schedule if it fails to raise $100,000 in any tax year for 2 consecutive tax years.

Allows taxpayers whose refunds are insufficient to make contributions to add the designated amount to their tax liability instead.