Section 206.30f - Taxable income; educational savings accounts; adjustment. - Michigan Statutes

INCOME TAX ACT OF 1967 (EXCERPT)
Act 281 of 1967

206.30f Taxable income; educational savings accounts; adjustment.

Sec. 30f.

For tax years that begin after December 31, 1999, taxable income for purposes of this act equals taxable income as determined under section 30 with the following adjustments:

(a) For tax years that begin after December 31, 1999, deduct, to the extent not deducted in determining adjusted gross income, interest earned in the tax year on the contributions to the taxpayer's education savings accounts if the contributions were deductible under section 30(1)(w)(i).

(b) For tax years that begin after December 31, 1999, deduct, to the extent included in adjusted gross income, distributions that are qualified withdrawals from an education savings account to the designated beneficiary of that education savings account. As used in this subdivision, “qualified withdrawal” means that term as defined in the Michigan education savings program act.

History: Add. 2000, Act 163, Imd. Eff. June 16, 2000