Individual income tax: credit; credit for donation to endowment fund of community foundation; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 261.

This bill creates a new tax credit for Michigan taxpayers who donate money to endowment funds at certified community foundations starting in 2024. Individuals can claim a credit equal to 50% of their donation, up to a maximum of $100 for single filers or $200 for joint filers, while estates and trusts can claim up to 10% of their tax liability or $5,000, whichever is less. To qualify, the community foundation must be certified by the state department and have at least $1 million in assets, and donors must receive a gift acknowledgment confirming the contribution went to an endowment fund. The bill also requires the state department to report the total amount of these credits claimed each year to the legislature.