MI SB0360

Increases the maximum account balance limit for Michigan education savings accounts from the previous amount to $500,000 per designated beneficiary across all accounts

Program must reject contributions to any account once the total balance for that beneficiary reaches $500,000, but accounts may continue to accrue earnings after reaching the limit

Total balance calculation includes payments made under advance tuition payment contracts under the Michigan education trust act if the same individual is both the designated and qualified beneficiary

Effective date is January 26, 2016, contingent on enactment of House Bills 4542, 4543, and 4544 from the 98th Legislature

Approved by the Governor on October 28, 2015