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MI HB5783
Bill
Status
12/31/2024
Primary Sponsor
Christine Morse
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AI Summary
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Expands definition of "qualified higher education expenses" to include fees, books, supplies, and equipment required for apprenticeship program participation under section 529(c)(8) of the Internal Revenue Code.
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Includes amounts paid as principal or interest on qualified education loans as part of qualified higher education expenses under section 529(c)(9) of the Internal Revenue Code.
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Updates reference to Internal Revenue Code from 2024 version (or taxpayer's current year option) to align Michigan education savings program with federal modifications.
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Maintains tax-exempt status for contributions and interest earned on education savings accounts, with withdrawals remaining taxable under Michigan income tax law.
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Effective April 2, 2025; approved by Governor January 16, 2025.
Legislative Description
Individual income tax: other; qualified higher education expenses under the Michigan education savings program; conform with most recent federal modifications. Amends secs. 2 & 16 of 2000 PA 161 (MCL 390.1472 & 390.1486).
Individual income tax: other
Last Action
Assigned Pa 195'24
12/31/2024