2023 House Bill 4934

Individual income tax: credit; make it in Michigan student loan credit for graduates who relocate to this state for employment; create.

A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 277a.

AI Analysis – Experimental

Allows individuals who have moved to Michigan for employment and who have obtained a higher education degree from outside the state to claim a tax credit. This credit is equal to 25% of their qualified student loan payments for the tax year, with limitations. The credit cannot exceed 20% of the average yearly tuition of a public university in Michigan and is only available for the first ten years following graduation. Eligibility requires proof of residency, degree, and employment in Michigan.

Introduced in the House

Aug. 23, 2023

Introduced by Reps. Will Snyder (D-87) and Phil Skaggs (D-80)

Referred to the Committee on Higher Education