MI HB4936

Creates a "make it in Michigan credit" allowing taxpayers to claim a credit equal to 25% of qualified student loan payments made on behalf of employees who relocated to Michigan for employment after obtaining a degree from an out-of-state institution, effective for tax years beginning January 1, 2024.

Limits the credit to 20% of the average yearly tuition at a public Michigan university per qualified employee per tax year.

Requires taxpayers to provide documentation including federal employer identification number, employee name and address, graduation date, and payment dates and amounts to claim the credit.

Allows excess credits that exceed tax liability to be refunded to the taxpayer.

Legislation is contingent on passage of HB 4933, HB 4937, and one additional bill (Senate Bill or House Bill with request number 03968'23).