A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 277.
This bill proposes a tax credit for qualified taxpayers who have graduated from a high school or received a higher education degree in Michigan and are employed within the state. The credit amounts to 50% of the payments made on qualified student loans during the tax year, capped at 20% of the average yearly tuition of a public university in Michigan. Eligibility for this credit is limited to the 10 years following graduation and requires proof of residency, degree, and employment in Michigan. The credit, referred to as the "make it in Michigan credit," is refundable if it exceeds the taxpayer's liability.
Introduced
by
Referred to the Committee on Higher Education
