HB 4056
Individual income tax: other; child care savings program; create. Creates new act. TIE BAR WITH: HB 4057'25
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
House Bill 4056 creates a new state child care savings program designed to help Michigan families save for their children’s future child care expenses. The bill establishes a system of ‘child care savings accounts’ at financial institutions, allowing eligible individuals to contribute funds that can be used for qualified child care costs. It also outlines tax benefits, including deductions and exemptions, and establishes rules for account management and withdrawals, with penalties for misuse of funds.
Sponsors
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Primary sponsor
Cosponsors
David Prestin
Douglas Wozniak
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