2023 House Bill 5045

Individual income tax: credit; student loan credit for certain graduates of this state; create.

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

AI Analysis – Experimental

Proposes an amendment to the Income Tax Act of 1967 to add section 277, which would allow qualified taxpayers to claim a tax credit equal to 50% of their student loan payments for the tax year. To qualify, taxpayers must have earned a bachelor's, master's, or other higher graduate degree from a postsecondary educational institution in Michigan, and be employed in the state.

Introduced in the House

Sept. 26, 2023

Introduced by Rep. Bill Schuette (R-95) and 9 co-sponsors

Co-sponsored by Reps. Andrew Beeler (R-64), Matt Bierlein (R-97), Tom Kunse (R-100), Mark Tisdel (R-55), Luke Meerman (R-89), Dale Zorn (R-34), Kathy Schmaltz (R-46), Timothy Beson (R-96) and Bryan Posthumus (R-90)

Referred to the Committee on Tax Policy