MI HB5623

Allows taxpayers a credit against Michigan income tax equal to 50% of charitable contributions made during tax years beginning after December 31, 2013, to specified organizations including state art programs, municipalities, public libraries, broadcast stations, institutions of higher learning, and museums.

Limits tax credit to $100 per individual taxpayer or $200 for joint returns; for estates and trusts, credit cannot exceed 10% of tax liability or $5,000, whichever is less.

Defines eligible contributions to include fair market value of artwork created by the taxpayer's personal effort and donations to qualified nonprofit organizations benefiting higher education institutions, with fair market value determined by independent appraisal.

Requires nonprofit organizations receiving contributions for higher education institutions to be controlled or approved by the institution's governing board and to provide annual independently audited financial statements to the state auditor general and legislative appropriations committees.

Specifies that "institution of higher learning" means an educational institution in Michigan with regular faculty and curriculum, recognized by the state board of education, that awards associate, bachelor's, master's, or doctoral degrees and is listed in the Department of Education's Directory of Institutions of Higher Education.