MI HB4993

Provides a tax credit equal to 50% of contributions made to community foundation endowment funds for tax years beginning January 1, 2020 and thereafter.

Limits the credit to $100 per individual taxpayer or $200 for joint returns; for estates and trusts, the credit is limited to 10% of tax liability before credits or $5,000, whichever is less.

Allows the credit only for contributions not previously deducted from federal taxable income for estates and trusts.

Excess credits that exceed a taxpayer's tax liability are not refundable.

Requires the Department of Treasury to annually report to the House Tax Policy Committee and Senate Finance Committee the total tax credits claimed under this section by July 1 of each year.