Introduced
by
To revise the penalty for improperly withdrawing funds from the Michigan education savings program account.
Referred to the Committee on Appropriations
Substitute offered
To replace the previous version of the bill with a version which removes the 10 percent state penalty for unqualified distributions. There is now a 10 percent federal penalty on such distribution.
The substitute passed by voice vote
Passed in the Senate 32 to 0 (details)
To revise the penalty for unqualified distributions of funds from a Michigan education savings program account. As amended, the bill removes the 10 percent state penalty for unqualified distributions. There is now a 10 percent federal penalty on such distributions.
