MI SB1001

Updates the definition of "internal revenue code" to reference the United States Internal Revenue Code of 1986 in effect on January 1, 2024, or at the taxpayer's option, the current year version.

Allows qualified beneficiaries to terminate advance tuition payment contracts and direct refunds to independent degree-granting colleges or universities, community or junior colleges, or eligible educational institutions located in Michigan.

Requires refunds directed to independent degree-granting institutions to equal at least the prevailing weighted average tuition cost of state institutions of higher education for the credit hours covered by the contract.

Permits the trust to offer non-refundable advance tuition payment contracts to individuals, government agencies, or tax-exempt organizations purchasing contracts as part of scholarship programs, with pricing adjusted to reflect the lack of refund provisions.

Takes effect 91 days after final adjournment of the 2024 regular session; approved by the Governor on December 17, 2024.