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
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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 proposes to create tax credits and deductions related to contributions to scholarship-granting organizations and funds used for student opportunity scholarship accounts. It amends existing tax code sections to allow individuals to deduct contributions made to these organizations and to deduct distributions from these accounts. The bill also establishes a cap on the total amount of credits available and requires reporting on the program's operation and financial impact.
Key provisions
- Creates a credit for contributions to scholarship-granting organizations participating in the Student Opportunity Scholarship Program.
- Allows a deduction for funds distributed to Student Opportunity Scholarship accounts.
- Establishes a preapproval process for contributions to scholarship-granting organizations.
- Sets a limit on the total amount of credits available ($500,000,000 annually).
- Requires the Department of Treasury to report annually on the program's performance and financial impact.
- Includes provisions for specific groups, such as disabled veterans and Holocaust victims, to receive additional benefits.
- Addresses the calculation of taxable income and deductions related to retirement and pension benefits.
- Provides for a deduction for contributions to first-time home buyer savings accounts.
Who is affected
- Taxpayers
- Scholarship-granting organizations
Bill text
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Document of record
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- Senate Introduced Bill
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Sponsors
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No sponsors are on record.
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