MI SB1030

Creates a tax credit for qualified taxpayers claiming expenses for classroom supplies purchased for their dependents, effective for tax years beginning after December 31, 2014.

Credit limit is $1,000 for single returns or $2,000 for joint returns, based on actual costs paid for qualifying classroom supplies.

Defines "classroom supplies" to include books, audiovisual media, computer programs, equipment (tape recorders, headphones, science/lab equipment), art supplies, food and materials for experiments/projects, and similar items.

Restricts eligibility to "qualified taxpayers" with gross income not exceeding $100,000 for the tax year in which the credit is claimed.

Excess credits that exceed tax liability are non-refundable and cannot be carried forward or refunded to the taxpayer.