SB 0132
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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- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill creates a new tax credit for Michigan residents who donate to the endowment funds of community foundations. Beginning in 2025, taxpayers can claim a credit equal to 50% of their contributions, up to a maximum of $100 for individuals and $200 for joint returns, or 10% of their 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 credit claims to the legislature.
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