Michigan Charitable Tax Credit (Senate Bills 0127, 0128)
The Michigan State Legislature introduced the Michigan Charitable Tax Credit in early March. If reinstated, it would incentivize families of all income levels to give charitable donations to endowed funds across the state. The tax credit will allow Michiganders to deduct 50% of their donation or gift in the $200 to $400 range to a Michigan community foundation, homeless shelter, food bank or public institution on their individual state income tax returns. The Senate has approved the bill, and it is in the House now. The Bill Analysis from the Senate Fiscal Agency provides an overview of both bills.
Note: This material was developed by Community Foundation for Southeast Michigan. It is published with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a professional advisor should be sought.