MI HB6434

Allows taxpayers to claim a tax credit equal to 50% of contributions made to certified community foundations for tax years beginning January 1, 2019 and after.

Limits credit to $100 per individual taxpayer ($200 for joint returns) or 10% of tax liability capped at $5,000 for resident estates or trusts.

Requires community foundations to apply for certification by May 15 of the tax year and have at least $1,000,000 in assets to qualify under the Michigan Community Foundation Act.

Prohibits excess credits from being refunded if they exceed the taxpayer's tax liability for the year.

Requires the Department of Treasury to report annually to legislative tax committees on total tax credits claimed under this section by July 1.