Bill > HB6061

This bill proposes to add a new section to Michigan's Income Tax Act of 1967 to create a tax credit for certain individuals who have student loan debt and choose to work in the state. Specifically, a "qualified taxpayer" who graduated from a Michigan high school or earned a higher education degree from a Michigan institution, and then stayed in or returned to Michigan for employment, can claim a credit equal to 50% of their qualified student loan payments made during the tax year. This credit is capped at 20% of the average yearly tuition for a public university in Michigan and can only be claimed within 10 years of graduating from their postsecondary institution. To qualify, taxpayers must provide proof of their degree and employment in Michigan, and any credit amount that exceeds their tax liability will be refunded. This bill is contingent on the enactment of other related bills.