Bill > HB4936

This bill creates a new "Make It in Michigan" tax credit that allows taxpayers to claim a credit equal to 25% of the amount they paid on a qualified student loan on behalf of a qualified employee who did not graduate from a high school or postsecondary institution in Michigan but relocated to Michigan for employment with the taxpayer after obtaining a bachelor's, master's, or other higher graduate degree. The credit is subject to certain limitations, such as a cap on the maximum amount that can be claimed per employee, and the taxpayer must provide reasonable proof of the eligible payments. If the credit exceeds the taxpayer's tax liability, the excess will be refunded. The bill also includes an enacting section that specifies it will not take effect unless certain related bills are also enacted.