Bill > HB6063

This bill proposes to amend Michigan's Income Tax Act of 1967 by adding a new section that allows businesses, referred to as "taxpayers," to claim a credit against their corporate income tax. This credit is for 50% of the amount they pay towards a "qualified student loan" for an employee who meets specific criteria. A "qualified employee" is someone who graduated from a high school in Michigan or earned a higher degree from a Michigan postsecondary educational institution and then stayed in or returned to Michigan to work for that employer. The credit 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 payments, including their business identification number, the employee's graduation details, and the dates and amounts of loan payments made. If the credit amount exceeds the employer's tax liability, the excess will be refunded. This bill is contingent on the enactment of other related bills, as indicated by the "TIE BAR" notation.