Loading chat...
MI HB4248
Bill
Status
3/18/2025
Primary Sponsor
Will Snyder
Click for details
AI Summary
-
Creates a 50% tax credit for contributions made to endowment funds of community foundations, effective for tax years beginning January 1, 2025
-
Caps the credit at $100 for individual filers and $200 for joint returns; resident estates or trusts may claim up to 10% of tax liability or $5,000, whichever is less
-
Credit is non-refundable and requires a gift acknowledgment from the community foundation to claim
-
Requires the Department of Treasury to report annually to legislative committees on the total amount of credits claimed
-
Defines eligible community foundations as those with at least $1,000,000 in assets that are certified by the department; bill is contingent on enactment of HB 4247 or its Senate companion
Legislative Description
Individual income tax: credit; credit for donations to endowment fund of community foundations; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 261. TIE BAR WITH: HB 4247'25
Individual income tax: credit
Last Action
Bill Electronically Reproduced 03/18/2025
3/19/2025