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Bill > HB4531
MI HB4531
MI HB4531Individual income tax: credit; credit for donations to endowment fund of community foundations; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 261. TIE BAR WITH: HB 4530'23
summary
Introduced
05/09/2023
05/09/2023
In Committee
09/13/2023
09/13/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
Potential new amendment
102nd Legislature
Bill Summary
A bill to amend 1967 PA 281, entitled"Income tax act of 1967,"(MCL 206.1 to 206.847) by adding section 261.
AI Summary
This bill allows individual taxpayers, including resident estates and trusts, to claim a credit against their Michigan income tax for up to 50% of the amount they contribute to the endowment fund of a community foundation, subject to certain limitations. The maximum credit is $100 for individual taxpayers or $200 for joint filers, and for resident estates and trusts, it is 10% of their tax liability or $5,000, whichever is less. The bill also requires the Department of Treasury to report annually on the total amount of tax credits claimed under this provision.
Committee Categories
Budget and Finance
Sponsors (9)
Will Snyder (D)*,
Brenda Carter (D),
Carol Glanville (D),
Jason Hoskins (D),
Jaz Martus (D),
Cynthia Neeley (D),
Amos O'Neal (D),
Julie Rogers (D),
Phil Skaggs (D),
Last Action
Referred To Second Reading (on 09/13/2023)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
- ‐ Social Services and Volunteer Associations
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://legislature.mi.gov/doc.aspx?2023-HB-4531 | 05/09/2023 |
| Fiscal Note/Analysis - Summary as Reported from Committee | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-4530-7CC10185.pdf | 09/17/2023 |
| House Substitute (H-1) | https://legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-HCVBS-4531-0N295.pdf | 09/13/2023 |
| Fiscal Note/Analysis - Summary as Introduced | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-4530-5ADC6576.pdf | 06/21/2023 |
| BillText | http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2023-HIB-4531.htm | 05/09/2023 |
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