Michigan HB6062 provides a tax credit for student loan payments made by certain taxpayers who relocated to the state for employment.

Michigan HB6062 amends the state's tax code to allow a tax credit for student loan payments made by qualified taxpayers. To qualify, the taxpayer must have relocated to Michigan for employment after obtaining a bachelor's, master's, or other higher graduate degree from a postsecondary educational institution. The credit is equal to 25% of the amount paid on a qualified student loan during the tax year. The credit is limited to 20% of the average yearly tuition to attend a public university in Michigan and can only be claimed within 10 years following the taxpayer's graduation.

Michigan HB6062 provides a tax credit for student loan payments made by certain taxpayers who relocated to the state for employment.

Michigan HB6062 amends the state's tax code to allow a tax credit for student loan payments made by qualified taxpayers. To qualify, the taxpayer must have relocated to Michigan for employment after obtaining a bachelor's, master's, or other higher graduate degree from a postsecondary educational institution. The credit is equal to 25% of the amount paid on a qualified student loan during the tax year. The credit is limited to 20% of the average yearly tuition to attend a public university in Michigan and can only be claimed within 10 years following the taxpayer's graduation.