Bill Text: MI HB4936 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Corporate income tax: credits; make it in Michigan credit for taxpayers that make qualified student loan payments on behalf of qualified employees who relocated to this state for employment; create. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 677a. TIE BAR WITH: HB 4933'23, HB 4937'23
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced) 2023-10-18 - Referred To Committee On Higher Education [HB4936 Detail]
Download: Michigan-2023-HB4936-Introduced.html
HOUSE BILL NO. 4936
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.847) by adding section 677a.
the people of the state of michigan enact:
Sec. 677a. (1) For tax years beginning on and after January 1, 2024 and subject to the limitations under this section, a taxpayer may claim a credit against the tax imposed by this part equal to 25% of the amount paid on a qualified student loan by the taxpayer on behalf of a qualified employee who did not graduate from a high school located in this state or receive a bachelor's, master's, or other higher graduate degree from a postsecondary educational institution located in this state, but relocated to this state for employment with that taxpayer after obtaining a bachelor's, master's, or other higher graduate degree from a postsecondary educational institution, during the tax year.
(2) A taxpayer shall not claim a credit under this section for payments made on a qualified student loan on behalf of any single qualified employee for any single tax year that is equal to more than 20% of the average yearly tuition to attend a public university located in this state.
(3) To be eligible for the credit under this section, the taxpayer in a form as prescribed by the department shall provide reasonable proof in support of payments claimed to be paid on behalf of a qualified employee for that qualified employee's qualified student loan under this section. The form shall include, at a minimum, all of the following:
(a) The taxpayer's federal employer identification number or the Michigan treasury number assigned.
(b) The name, address, and graduation date of the qualified employee.
(c) The date and amount of each payment made toward a qualified student loan.
(d) Any other criteria that the department considers appropriate for the determination of eligibility for the credit under this section.
(4) If the credit allowed under this section exceeds the qualified taxpayer's tax liability for the tax year, that portion that exceeds the tax liability for the tax year shall be refunded.
(5) The credit allowed under this section may be referred to as the "make it in Michigan credit".
Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 102nd Legislature are enacted into law:
(a) Senate Bill No.____ or House Bill No. 4933 (request no. 00575'23).
(b) Senate Bill No.____ or House Bill No.____ (request no. 03968'23).
(c) Senate Bill No.____ or House Bill No. 4937 (request no. 03969'23).
