Michigan HB6061 provides a tax credit for student loan payments made by graduates who stayed in or returned to Michigan for employment.
Michigan HB6061 amends the state's individual income tax law to offer a credit for student loan payments made by graduates who remained in or returned to Michigan for employment. The credit is equal to 50% of the amount paid on a qualified student loan during the tax year. To be eligible, the taxpayer must have graduated from a Michigan high school or postsecondary institution and must provide proof of employment in the state. The credit is limited to 20% of the average yearly tuition at a public university and can only be claimed within 10 years of graduation.
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