Michigan HB6063 proposes a corporate income tax credit for employers who pay student loans for employees who graduated from Michigan institutions.

Michigan HB6063 amends the state's corporate income tax law to allow a credit for employers who pay student loans for employees who graduated from Michigan institutions. Employers can claim a credit equal to 50% of the amount paid on a qualified student loan for a qualified employee. A qualified employee is someone who graduated from a Michigan high school or holds a bachelor's, master's, or other higher graduate degree from a Michigan postsecondary institution and works for the employer in Michigan. The credit is capped at 20% of the employee's tax liability for the year.

Michigan HB6063 proposes a corporate income tax credit for employers who pay student loans for employees who graduated from Michigan institutions.

Michigan HB6063 amends the state's corporate income tax law to allow a credit for employers who pay student loans for employees who graduated from Michigan institutions. Employers can claim a credit equal to 50% of the amount paid on a qualified student loan for a qualified employee. A qualified employee is someone who graduated from a Michigan high school or holds a bachelor's, master's, or other higher graduate degree from a Michigan postsecondary institution and works for the employer in Michigan. The credit is capped at 20% of the employee's tax liability for the year.