Introduced
by
To revise the state penalty for unqualified distributions from a Michigan education savings program, and allow charities to open accounts for students.
Referred to the Committee on Commerce
Substitute offered
To replace the previous version of the bill with a version recommended by the committee which reported it.
The substitute failed by voice vote
Substitute offered
by
To revise the bill so as to remove the 10 percent state penalty for unqualified distributions from a Michigan education savings program account if they are already subject to a 10 percent federal penalty, and continue to impose the 10 percent state penalty on unqualified distributions not subject to the federal penalty.
The substitute passed by voice vote
Passed in the House 91 to 7 (details)
To remove the 10 percent state penalty for unqualified distributions from a Michigan education savings program account if the distribution is already subject to a 10 percent federal penalty, and allow charities to open accounts for students.
Substitute offered
To clarify the definition of "qualified distributions," and raise the cap on the maximum balance in a Michigan Education Savings Account, including interest, to $325,000.
The substitute passed by voice vote
Passed in the Senate 35 to 0 (details)
To remove the 10 percent state penalty for unqualified distributions from a Michigan education savings program account if the distribution is already subject to a 10 percent federal penalty, raise the cap on the maximum balance, including interest, to $235,000, allow for annual transfers between different funds, and allow charities to open accounts for students.
Passed in the House 87 to 11 (details)
To concur with the Senate-passed version of the bill.
