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MI HB4747
Bill
Status
10/21/2025
Primary Sponsor
Mark Tisdel
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AI Summary
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Expands Michigan income tax deductions for education savings contributions beginning January 1, 2026 to include contributions to qualified tuition programs (529 plans) established by other states, not just Michigan's education savings program
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Maintains existing deduction limits of $5,000 for single returns and $10,000 for joint returns per tax year for combined education savings contributions
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Extends similar treatment to ABLE (Achieving a Better Life Experience) savings accounts, allowing deductions for contributions to qualified ABLE programs established by other states beginning January 1, 2026
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Requires taxpayers to add back to taxable income any withdrawals from out-of-state 529 or ABLE plans that are subject to penalties or excise taxes (non-qualified withdrawals)
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Applies the same deduction and withdrawal rules to out-of-state plans as currently exist for Michigan's in-state education savings and ABLE programs
Legislative Description
Individual income tax: deductions; deduction for contributions made to any 529 education savings plan; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30).
Higher education: tuition
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection
10/23/2025