MI HB4933

Creates a "Make It in Michigan" tax credit for qualified taxpayers who can claim 50% of qualified student loan payments made during the tax year, effective for tax years beginning January 1, 2024.

Limits annual credit to no more than 20% of the average yearly tuition at a public Michigan university, and restricts eligibility to the 10 tax years immediately following graduation.

Requires taxpayers to be Michigan residents, employed by an in-state employer, and to have graduated from a Michigan high school or postsecondary institution after the bill's effective date.

Qualifies state and federal student loans used to attend postsecondary institutions, including loans under the Higher Education Loan Authority Act and the federal Higher Education Act of 1965.

Makes the credit refundable if it exceeds the taxpayer's tax liability, and requires proof of residency, degree, and in-state employment for eligibility.