HB 4248
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. TIE BAR WITH: HB 4247'25
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a new tax credit for Michigan residents who donate to the endowment funds of certified community foundations. The credit allows taxpayers to deduct up to 50% of their contributions, with a maximum of $100 for individuals and $200 for joint returns, or 10% of tax liability for estates and trusts. The bill also requires the Department of Treasury to track and report these credits annually to the legislature.
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Primary sponsor
Cosponsors
Jasper Martus
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