Bill Text: MI HB6102 | 2013-2014 | 97th Legislature | Introduced

---

Bill Title: Corporate income tax; credits; credit for employers that pay back certain student loans on behalf of certain employees; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 675.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-12-30 - Printed Bill Filed 12/22/2014 [HB6102 Detail]

Download: Michigan-2013-HB6102-Introduced.html

---

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 6102

 

December 18, 2014, Introduced by Rep. Clemente and referred to the Committee on Tax Policy.

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.713) by adding section 675.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 675. (1) Beginning on and after January 1, 2015, a

 

taxpayer may claim a credit against the tax imposed by this part

 

equal to 50% of the amount of qualified student loan payments made

 

by the taxpayer on behalf of a qualified employee during the tax

 

year for which the credit is claimed or 20% of the average yearly

 

tuition for Michigan's public universities per employee, whichever

 

is less.

 

     (2) To be eligible for the credit under this section, the

 

taxpayer in a form as prescribed by the department shall provide

 

reasonable proof in support of payments claimed to be paid on

 

behalf of a qualified employee for his or her qualified student

 

loan under this section. The form shall include, at a minimum, all

 

of the following:

 

     (a) The taxpayer's federal employer identification number or

 

the Michigan treasury number assigned.

 

     (b) The name and address of the qualified employee.

 

     (c) The date and amount of each payment made toward a

 

qualified student loan.

 

     (d) Any other criteria that the department considers

 

appropriate for the determination of eligibility for the credit

 

under this section.

 

     (3) If the amount of the credit allowed under this section

 

exceeds the tax liability of the taxpayer for the tax year, that

 

portion of the credit that exceeds the tax liability of the

 

taxpayer for the tax year shall not be refunded but may be carried

 

forward to offset tax liability under this act in subsequent tax

 

years for a period not to exceed 10 tax years or until used up,

 

whichever occurs first.

 

     (4) As used in this section:

 

     (a) "Approved postsecondary educational institution" means any

 

of the following:

 

     (i) A college, university, community college, or junior college

 

described in section 4, 5, or 6 of article VIII of the state

 

constitution of 1963 or established under section 7 of article VIII

 

of the state constitution of 1963.

 

     (ii) An independent nonprofit college or university located in

 

this state.

 

     (b) "Qualified employee" means an employee who received a

 

bachelor's degree from an approved postsecondary educational

 

institution after December 31, 2014 and who is a resident of this

 

state.

 

     (c) "Qualified student loan" means any state or federal loans

 

incurred to attend and receive a bachelor's degree from an approved

 

postsecondary educational institution, including, but not limited

 

to, state loans authorized under the higher education loan

 

authority act, 1975 PA 222, MCL 390.1151 to 390.1165, and federal

 

loans authorized under the higher education act of 1965, Public Law

 

89-329, 20 USC 1001 to 1161aa-1.