MI HB5103

Adds a new deduction to Michigan income tax for contributions made by taxpayers to a local teacher supply reimbursement fund created under a new local teacher supply reimbursement program act, effective for tax years beginning January 1, 2022.

Allows individual income tax filers to voluntarily designate contributions of $5.00 or more from their refunds to the local teacher supply reimbursement fund and specify which school district receives the contribution.

Permits corporations to deduct contributions made to the local teacher supply reimbursement fund as an adjustment to their corporate income tax base.

Requires the Department of Treasury to include a space on state income tax return forms beginning with the 2022 tax year for taxpayers to designate contributions to the local teacher supply reimbursement fund and specify the recipient school district.

Makes this bill effective only if Senate Bill No. ____ or House Bill No. 5102 is enacted into law (tie-bar provision).