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.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill creates a new tax credit for Michigan residents who donate to the endowment funds of community foundations. The credit is equal to 50% of the donation, up to a maximum of $100 for individuals and $200 for joint returns, or 10% of tax liability for estates and trusts, up to $5,000. The bill also requires community foundations to meet specific certification requirements and mandates reporting of tax credits claimed to the legislature.
Key provisions
- A taxpayer can claim a credit for 50% of donations to community foundation endowment funds.
- The maximum credit for individuals is $100, and for joint returns is $200.
- Resident estates and trusts can receive a credit up to 10% of their tax liability or $5,000, whichever is lower.
- Donors must receive a gift acknowledgment from the community foundation.
- Community foundations must be certified by the Department of Treasury.
- Community foundations must have assets of at least $1,000,000 to qualify for certification.
- The department will report total tax credits claimed to the legislature annually.
Who is affected
- Taxpayers in Michigan
- Community Foundations
- Residents of Michigan
- Estate and Trust Owners in Michigan
Notable changes
- Establishes a new state tax credit for donations to community foundation endowment funds.
Bill text
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- Senate Introduced Bill
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