MI SB0543

Amends the Michigan Income Tax Act to add the Fostering Futures Scholarship Trust Fund as a contribution designation option on state income tax returns beginning with the 2016 tax year.

Allows individual taxpayers to designate contributions of $5.00, $10.00, or more from their tax refunds to the Fostering Futures Scholarship Trust Fund, created under 2008 PA 525, MCL 722.1023.

Removes the Girl Scouts of Michigan Fund as a contribution designation option (previously enacted for 2011 tax year and after) and removes the Michigan Amber Alert Fund designation (previously enacted for 2013 tax year and after).

Maintains existing rules that contribution designations must raise at least $50,000 in any tax year for 2 consecutive years to remain on the contributions schedule, with a maximum of 10 separate designations available per tax year.

Bill takes effect only if Senate Bill No. 544 of the 98th Legislature is also enacted into law.