MI HB6451

Allows taxpayers to claim a credit equal to 50% of contributions made to an endowment fund of a community foundation for tax years beginning January 1, 2023 and later.

Sets maximum credit at $100 for individual returns or $200 for joint returns; for resident estates or trusts, maximum is 10% of tax liability before credits or $5,000, whichever is less.

Requires taxpayers to obtain a gift acknowledgment from the community foundation to claim the credit, and for estates and trusts, the contributed amount cannot have been deducted in calculating federal taxable income.

Excess credits that exceed tax liability are not refundable.

Requires the Department of Treasury to report annually to legislative committees on total tax credits claimed, and defines qualifying community foundations as organizations with at least $1,000,000 in assets certified by the department.