MI HB4531

Establishes a tax credit equal to 50% of contributions made to endowment funds of certified community foundations for tax years beginning January 1, 2023 and later.

Limits individual taxpayer credits to $100 maximum ($200 for joint returns); resident estates or trusts limited to 10% of tax liability or $5,000, whichever is less.

Requires taxpayers to obtain a gift acknowledgment from the community foundation and prohibits refunding credits that exceed tax liability.

Defines "community foundation" as an organization with at least $1,000,000 in assets that applies for and receives departmental certification by May 15 of the applicable tax year under the Michigan Community Foundation Act.

Requires the department to report total credits claimed annually to the House Committee on Tax Policy and Senate Finance Committee by July 1.