Education: other; definition of qualified higher education expenses under Michigan education savings program; expand to include certain K-12 tuition expenses. Amends sec. 2 of 2000 PA 161 (MCL 390.1472).
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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 amends the Michigan Education Savings Program Act to broaden the definition of ‘qualified higher education expenses’ to include tuition costs for K-12 public, private, or religious schools. This expansion allows funds in education savings accounts to be used to cover these educational expenses, potentially benefiting families saving for their children’s education.
Key provisions
- Expands ‘qualified higher education expenses’ to include tuition costs for K-12 schools.
- Clarifies that ‘Account owner’ can include entities like government agencies, trusts, and corporations.
- Defines ‘Designated beneficiary’ as the individual for whom higher education expenses are intended.
- Reinforces the definition of ‘Eligible educational institution’ as per IRS guidelines.
- Updates definitions related to the program, such as ‘Program manager’ and ‘Savings plan’.
- Specifies that ‘Qualified withdrawals’ include expenses for K-12 tuition.
- Maintains existing definitions of ‘Account’, ‘Board’, ‘Department’, ‘Internal revenue code’, ‘Management contract’, ‘Member of the family’, and ‘Michigan education savings program agreement’.
Who is affected
- Parents and families saving for their children’s education.
- Michigan Education Savings Program participants.
- K-12 schools (public, private, and religious).
Bill text
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- Senate Introduced Bill
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