MI HB5777

Adds Section 273 to the Michigan Income Tax Act of 1967 to create a tax credit for participants in the Michigan Secure Retirement Savings Program beginning in tax years after December 31, 2018.

Allows taxpayers to claim a credit equal to 50% of the federal credit claimed under Internal Revenue Code Section 25b, with a maximum credit of $500.

Provides that if the credit exceeds the taxpayer's tax liability, the excess will be refunded by the state treasurer without interest.

Ties the bill's effectiveness to the enactment of House Bill 5776 or Senate Bill (number to be determined) of the 98th Legislature.