MI HB5955

Allows individual taxpayers to deduct contributions made to the local teacher supply reimbursement fund from taxable income beginning January 1, 2021.

Permits corporate taxpayers to deduct contributions made to the local teacher supply reimbursement fund from their corporate income tax base.

Adds the local teacher supply reimbursement fund as a voluntary contribution option on individual and corporate income tax returns, with taxpayers able to designate which school district receives their contribution.

Requires the Department of Treasury to include a space on income tax return forms for taxpayers to contribute to and designate a school district for the local teacher supply reimbursement fund beginning with the 2021 tax year.

Directs that cumulative contributions designated on returns shall be appropriated from the general fund to the local teacher supply reimbursement fund for exclusive use by that fund.