MI HB6102

Allows taxpayers to claim a credit against income tax equal to 50% of qualified student loan payments made on behalf of qualified employees, or 20% of average yearly Michigan public university tuition per employee, whichever is less, effective January 1, 2015.

Requires taxpayers to provide documentation including federal employer identification number, employee name and address, payment dates and amounts, and other criteria deemed appropriate by the department.

Unused credits that exceed tax liability may be carried forward for up to 10 tax years but are not refundable.

Defines "qualified employee" as someone who earned a bachelor's degree from an approved postsecondary institution after December 31, 2014 and is a Michigan resident.

Defines "qualified student loan" as state or federal loans used to obtain a bachelor's degree from an approved postsecondary institution, including loans under the Higher Education Loan Authority Act and federal loans under the Higher Education Act of 1965.