2004 House Bill 5782 / Public Act 387

Revise Michigan Education Savings Account rules

Introduced in the House

April 21, 2004

Introduced by Rep. Gene DeRossett (R-52)

To allow estates and trusts to be Michigan Education Savings Account owners; allow the program manager to retain the amount necessary to comply with federal and state tax laws from any distributions; and allow an account owner to transfer an account to a 501(c)(3) tax exempt organization, an estate, or a trust.

Referred to the Committee on Tax Policy

June 2, 2004

Reported without amendment

Without amendment and with the recommendation that the bill pass.

June 9, 2004

Passed in the House 104 to 0 (details)

Received in the Senate

June 15, 2004

Received

Referred to the Committee on Finance

Sept. 15, 2004

Reported without amendment

With the recommendation that the bill pass.

Sept. 21, 2004

Passed in the Senate 37 to 0 (details)

To allow estates and trusts to be Michigan Education Savings Account owners; allow the program manager to retain the amount necessary to comply with federal and state tax laws from any distributions; and allow an account owner to transfer an account to a 501(c)(3) tax exempt organization, an estate, or a trust.

Signed by Gov. Jennifer Granholm

Oct. 12, 2004