MI HB6020

Establishes a Michigan community investment tax credit program allowing taxpayers to claim a credit equal to 50% of qualified donations made to qualified organizations after December 31, 2024 and before January 1, 2030.

Requires qualified organizations to issue certificates to taxpayers, which must be attached to annual tax returns to claim the credit.

Limits total credits claimed under both sections 279 and 679 to $25,000,000 per calendar year, with the department providing annual reports to the Michigan strategic fund by June 1 each year.

Allows unused credits exceeding a taxpayer's annual tax liability to be carried forward for up to 5 tax years without refund.

Takes effect only upon enactment of Senate Bill No. ____ or House Bill No. 6021 (tied legislation).