Bill
Bill > HB5265
MI HB5265
MI HB5265Individual income tax: credit; child care savings program; create. Creates new act. TIE BAR WITH: HB 5266'23
summary
Introduced
10/26/2023
10/26/2023
In Committee
10/26/2023
10/26/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
A bill to create a child care savings program; to provide for child care savings accounts; to prescribe the powers and duties of certain state agencies, boards, and departments; to allow certain tax deductions; and to provide for penalties and remedies.
AI Summary
This bill creates a new "Child Care Savings Program" that allows individuals to open and contribute to child care savings accounts to pay for eligible child care expenses. The bill defines key terms, outlines the program's purposes and powers, and sets rules for account holders and financial institutions. It also provides tax exemptions for contributions and qualified withdrawals from the accounts, and imposes penalties for non-qualified withdrawals. The bill ties its enactment to the passage of another related bill, Senate Bill No. ____ or House Bill No. 5266.
Committee Categories
Health and Social Services
Sponsors (11)
Bill Schuette (R)*,
Bob Bezotte (R),
Matthew Bierlein (R),
Nancy DeBoer (R),
Tom Kuhn (R),
Tom Kunse (R),
Jaz Martus (D),
Kathy Schmaltz (R),
Mark Tisdel (R),
Jimmie Wilson (D),
Doug Wozniak (R),
Last Action
Bill Electronically Reproduced 10/26/2023 (on 10/31/2023)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
- ‐ Family Issues
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://legislature.mi.gov/doc.aspx?2023-HB-5265 | 10/26/2023 |
| BillText | http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2023-HIB-5265.htm | 10/26/2023 |
Loading...