Bill > HB4937

This bill creates a new tax credit for taxpayers who make qualified student loan payments on behalf of their employees who are graduates of Michigan high schools or postsecondary educational institutions. The credit is equal to 50% of the qualified student loan payments made, up to a cap of 20% of the average yearly tuition at a public university in Michigan. To be eligible, the employee must be a Michigan resident who received their degree after the effective date of this law. The credit can be claimed on the taxpayer's state income tax return and any excess credit will be refunded. This "Make It in Michigan" credit is intended to incentivize employers to help their employees pay off student loans, encouraging them to remain in or relocate to Michigan for employment.