Bill > HB5266

This bill: Amends the Income Tax Act of 1967 to create a new child care savings program that would allow taxpayers to deduct up to $10,000 for single filers or $20,000 for joint filers per year for contributions made to a child care savings account. The bill also allows for the deduction of interest earned on these accounts and the inclusion of qualified withdrawals from the accounts in adjusted gross income. This new child care savings program would apply to tax years beginning on and after January 1, 2024. The bill ties the enactment of this amendment to the passage of either Senate Bill ____ or House Bill 5265, which appears to be related legislation. Overall, this bill aims to provide tax incentives to help Michigan residents save for and pay for child care expenses.