MI HB4937

Allows taxpayers to claim a 50% tax credit for qualified student loan payments made on behalf of qualified employees beginning in tax year 2024.

Limits annual credit per employee to 20% of the average yearly tuition at Michigan public universities.

Defines qualified employees as those who graduated from Michigan high schools or obtained bachelor's, master's, or higher degrees from Michigan postsecondary institutions and remained or relocated to Michigan for employment.

Requires taxpayers to provide documentation including federal employer identification number, employee name and graduation date, payment dates and amounts, and other criteria deemed appropriate by the department.

Provides for refund of excess credits that exceed tax liability and ties bill's enactment to passage of HB 4933, HB 4936, and one additional unspecified bill.