Michigan HB6064 allows employers to claim a tax credit for student loan payments made on behalf of employees who did not graduate from a Michigan.

Michigan HB6064 amends the state's corporate income tax law to introduce a credit for employers who pay student loans for employees who did not graduate from a Michigan institution. Employers can claim a credit equal to 25% of the amount paid on a qualified student loan for each eligible employee. The credit is subject to a cap of 20% of the average yearly tuition at a public university in Michigan. Employers must provide documentation, including the employee's name, address, graduation date, and details of each payment, to claim the credit.

Michigan HB6064 allows employers to claim a tax credit for student loan payments made on behalf of employees who did not graduate from a Michigan.

Michigan HB6064 amends the state's corporate income tax law to introduce a credit for employers who pay student loans for employees who did not graduate from a Michigan institution. Employers can claim a credit equal to 25% of the amount paid on a qualified student loan for each eligible employee. The credit is subject to a cap of 20% of the average yearly tuition at a public university in Michigan. Employers must provide documentation, including the employee's name, address, graduation date, and details of each payment, to claim the credit.