Michigan HB4248 allows a tax credit for donations to community foundation endowment funds.
Michigan HB4248 amends the state's individual income tax law to allow a tax credit for contributions to an endowment fund of a community foundation. For tax years starting after 2024, taxpayers can claim a credit equal to 50% of their contributions, up to a maximum of 10% of their tax liability or $5,000 for estates and trusts, and $100 or $200 for other taxpayers. The credit cannot exceed the taxpayer's tax liability, and any excess cannot be refunded. The bill also requires the Department of Treasury to report annually on the total credits claimed.
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