Bill > HB6064

This bill allows businesses in Michigan to claim a tax credit for a portion of student loan payments they make on behalf of their employees, provided those employees did not graduate from a Michigan-based high school or receive a higher education degree from a Michigan institution but relocated to the state for employment after obtaining a degree elsewhere. The credit is for 25% of the qualified student loan payments made by the employer, but it is capped at 20% of the average yearly tuition for a public university in Michigan per employee per year. To claim this credit, employers must provide proof of the payments, including employee details and payment dates and amounts, on a form prescribed by the Department of Treasury. If the credit exceeds the employer's tax liability, the remaining amount will be refunded. This provision is part of a larger legislative package, indicated by the "TIE BAR" referencing other related bills.