Michigan SB0321 amends income tax laws to allow credits for contributions to scholarship-granting organizations and deductions for funds distributed.
Michigan SB0321 amends the state's income tax laws to introduce a credit for contributions made to scholarship-granting organizations (SGO) and a deduction for funds distributed to student opportunity scholarship (SOS) accounts. The bill specifies that taxpayers can claim a credit of up to 100% of their contributions to SGOs for tax years starting from January 1, 2025. It also allows deductions for contributions to SOS accounts, subject to certain conditions and limitations.
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