HB 6498 Summary

• Allows taxpayers to claim a one-time tax credit against Michigan income tax liability for costs of a qualified credit counseling program starting in the 2021 tax year and thereafter.

• Credit amount equals the actual cost paid for the counseling program or $100, whichever is less.

• Unused credit that exceeds a taxpayer's annual tax liability is not refundable.

• Defines "certified counselor" as one certified under the Debt Management Act (1975 PA 148, MCL 451.412).

• Defines "qualified credit counseling program" as a financial or debt counseling program offered by a person licensed under the Debt Management Act (MCL 451.411 to 451.437).