Michigan SB0132 introduces a tax credit for donations to community foundation endowment funds.
Michigan SB0132 amends the state's individual income tax law to allow a tax credit for contributions to the endowment funds of community foundations. For tax years starting after 2024, taxpayers can claim a credit equal to 50% of their contributions. The credit is capped at $100 for individual taxpayers and $200 for joint filers, while estates and trusts can claim up to 10% of their tax liability or $5,000, whichever is less. The credit cannot exceed the taxpayer's tax liability and cannot be refunded if it does. The Department of Treasury must report annually on the total credits claimed.
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