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MI SB1248
Bill
AI Summary
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Allows taxpayers who are account holders to claim a credit against income tax equal to 75% of contributions made to a family savings account in the tax year, for tax years beginning after December 31, 2019.
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Credit excludes any withdrawals subject to penalties under section 9 of the family savings account program act.
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Credits exceeding the taxpayer's tax liability for the year are not refundable.
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Defines "account holder" and "family savings account" by reference to the family savings account program act.
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Contingent on enactment of Senate Bill No. 1247 of the 100th Legislature.
Legislative Description
Individual income tax: credit; credit for contributions made to a family savings account; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 276. TIE BAR WITH: SB 1247'20
Individual income tax: credit
Last Action
Referred To Committee On Finance
12/3/2020