MI HB5949

Allows taxpayers to claim a credit against Michigan income tax equal to the amount paid for textbooks purchased and used in the tax year for classes at public schools, public school academies, or institutions of higher education in Michigan, beginning with tax years after December 31, 2016.

Credit applies to textbooks required for classes taken by the taxpayer or their dependent, with "dependent" defined as in section 30e of the tax code.

If the credit amount exceeds the taxpayer's tax liability for the year, the excess portion shall be refunded to the taxpayer.

Defines "institution of higher education" as a public institution offering degree or course of study beyond the twelfth grade.

Definitions of "public school" and "public school academy" reference section 5 of the revised school code, 1976 PA 451.