Michigan HB5775 amends the state's individual income tax law to provide an exemption for post-graduation scholarship grants.

Michigan HB5775 amends the state's individual income tax law by adding a new exemption for post-graduation scholarship grants. This exemption applies to grants provided by qualified organizations, which are defined as entities described under section 501(c)(3) of the Internal Revenue Code and exempt from tax under section 501(a) of the Internal Revenue Code. The bill specifies that these grants must be used to repay qualified education loans and cover qualified higher education expenses.

Michigan HB5775 amends the state's individual income tax law to provide an exemption for post-graduation scholarship grants.

Michigan HB5775 amends the state's individual income tax law by adding a new exemption for post-graduation scholarship grants. This exemption applies to grants provided by qualified organizations, which are defined as entities described under section 501(c)(3) of the Internal Revenue Code and exempt from tax under section 501(a) of the Internal Revenue Code. The bill specifies that these grants must be used to repay qualified education loans and cover qualified higher education expenses.