MI HB5804

Allows taxpayers to claim an income tax credit equal to contributions made to the "advancing Michigan's future account" for tax years beginning after December 31, 2018.

Requires the Department of Treasury to establish and administer a restricted account in the general fund for advancing Michigan's future, which receives appropriations and earnings that do not revert at fiscal year end.

Mandates the department establish procedures and forms for taxpayers to contribute to the account and receive receipts certifying their allowed tax credit.

Excess credits that exceed a taxpayer's annual tax liability are not refundable but may be carried forward for up to 5 tax years to offset future tax liability.

Money in the account must be used exclusively for public purposes in Michigan.