Michigan HB5063 provides a tax credit for individuals fostering animals through qualified organizations.

Michigan HB5063 amends the state's individual income tax law to allow a credit for taxpayers fostering animals. Starting from tax years beginning after December 31, 2025, a taxpayer can claim a $50 credit for each animal fostered for at least seven days. For animals fostered more than 30 days, an additional $50 credit is available for each additional 30 days. The credit is capped at five animals per tax year. The credit amount will be adjusted annually based on the U.S. Consumer Price Index.

Michigan HB5063 provides a tax credit for individuals fostering animals through qualified organizations.

Michigan HB5063 amends the state's individual income tax law to allow a credit for taxpayers fostering animals. Starting from tax years beginning after December 31, 2025, a taxpayer can claim a $50 credit for each animal fostered for at least seven days. For animals fostered more than 30 days, an additional $50 credit is available for each additional 30 days. The credit is capped at five animals per tax year. The credit amount will be adjusted annually based on the U.S. Consumer Price Index.