MI HB4934

Creates a "Make it in Michigan credit" allowing qualified taxpayers to claim a credit equal to 25% of qualified student loan payments made during the tax year, effective for tax years beginning January 1, 2024 and later.

Applicants must have graduated from a postsecondary institution outside Michigan, relocated to Michigan for employment, and not graduated from a Michigan high school or postsecondary institution.

Annual credit is capped at 20% of the average yearly tuition at a Michigan public university, and credits may only be claimed within 10 tax years following graduation.

Taxpayers must provide proof of residency, degree, Michigan employment, and student loan payments to the Department of Treasury.

Excess credits exceeding tax liability are refunded; bill becomes effective only if HB 4933 and two other specified bills are enacted into law.