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MI HB4887

Bill

Official Source

Status

Passed

3/23/2016

Primary Sponsor

Anthony Forlini

Click for details

Origin

House of Representatives

98th Legislature

AI Summary

  • Modifies section 9 of the Michigan Education Savings Program (2000 PA 161) regarding investment direction of account contributions and earnings
  • Account owners and designated beneficiaries cannot direct the investment of contributions or earnings, except as allowed under section 529 of the Internal Revenue Code
  • Account owners may select from different investment strategies designed by the program manager to the extent permitted by federal tax law
  • Allows program board members, employees, and contractor employees to make contributions to accounts
  • Prohibits using account interests as loan security, with any pledges of account interests declared void and without legal effect
  • Effective date: March 22, 2016

Legislative Description

Individual income tax; other; limitations on investment direction of contributions made to a Michigan education savings account; modify. Amends sec. 9 of 2000 PA 161 (MCL 390.1479).

Higher education: tuition

Last Action

Assigned Pa 51'16 With Immediate Effect

3/23/2016

Committee Referrals

Finance12/3/2015
Tax Policy9/22/2015

Full Bill Text

No bill text available