A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 677a.
Allows taxpayers to claim a 25% credit against their tax liability for payments made on qualified student loans for employees who relocated to Michigan for employment after obtaining higher education degrees from institutions outside the state. The credit is capped at 20% of the average yearly tuition of a public university in Michigan per qualified employee per tax year. Taxpayers must provide detailed documentation to claim the credit, which can be refunded if it exceeds the taxpayer's liability.
Co-sponsored by Reps.
Referred to the Committee on Tax Policy
Referred to the Committee on Higher Education
