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MI SB0321
Bill
AI Summary
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Creates a 100% income tax credit for contributions made to certified scholarship-granting organizations (SGOs) participating in the Student Opportunity Scholarship program, effective for tax years beginning January 1, 2025
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Caps total tax credits at $500,000,000 per state fiscal year, with automatic 20% annual increases if 90% or more of available credits are claimed in the prior year
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Allows taxpayers to enter multiyear contribution plans of up to 4 years, with unused credits carried forward for 5 years
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Requires pre-approval from the Department of Treasury before making contributions, with applications processed within 10 business days in the order received
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Adds a deduction for funds distributed from Student Opportunity Scholarship accounts used for qualifying education expenses
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Contingent on enactment of Senate Bill 320, which would establish the underlying Student Opportunity Scholarship program
Legislative Description
Individual income tax: credit; credit for contributions to scholarship-granting organizations and deduction of funds distributed to student opportunity scholarship accounts; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30) & adds secs. 279 & 679. TIE BAR WITH: SB 320'25
Individual income tax: credit
Last Action
Referred To Committee On Education
5/21/2025