Bill Text: MI HB4541 | 2015-2016 | 98th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Individual income tax; other; cap on Michigan education savings accounts; increase. Amends sec. 10 of 2000 PA 161 (MCL 390.1480). TIE BAR WITH: HB 4542'15, HB 4543'15, HB 4544'15

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2015-06-03 - Referred To Committee On Finance [HB4541 Detail]

Download: Michigan-2015-HB4541-Introduced.html

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HOUSE BILL No. 4541

 

May 5, 2015, Introduced by Reps. Forlini, Jenkins, Irwin, Victory, Poleski, Lucido, Howrylak, Derek Miller, Liberati, Lane, LaVoy, Geiss, Hooker and Courser and referred to the Committee on Financial Services.

 

     A bill to amend 2000 PA 161, entitled

 

"Michigan education savings program act,"

 

by amending section 10 (MCL 390.1480), as amended by 2001 PA 215.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 10. (1) The maximum account balance limit for all of the

 

accounts that name any 1 individual as the designated beneficiary

 

shall not exceed a maximum of $235,000.00.$500,000.00.

 

     (2) The program shall reject a contribution to any account for

 

a designated beneficiary if, at the time of the contribution, the

 

total balance of all accounts for that designated beneficiary has

 

reached the maximum account balance limit under subsection (1).

 

Accounts may continue to accrue earnings if the total balance of

 

all accounts for that beneficiary has reached the maximum account

 

balance limit and shall not be considered to have exceeded the

 

maximum account balance limit under subsection (1). For purposes of

 

this subsection, the total balance of all accounts for that

 

designated beneficiary includes the amount of payment or payments

 

required from a purchaser on behalf of a qualified beneficiary made

 

under an advance tuition payment contract as provided in the

 

Michigan education trust act, 1986 PA 316, MCL 390.1421 to

 

390.1444, 390.1442, if the designated beneficiary is also the

 

qualified beneficiary.

 

     Enacting section 1. This amendatory act does not take effect

 

unless all of the following bills of the 98th Legislature are

 

enacted into law:

 

     (a) Senate Bill No. ____ or House Bill No. 4542 (request no.

 

01151'15 **).

 

     (b) Senate Bill No. ____ or House Bill No. 4543 (request no.

 

01151'15 a **).

 

     (c) Senate Bill No. ____ or House Bill No. 4544 (request no.

 

01151'15 b *).