Individual income tax: credit; credit for donations to endowment fund of community foundations; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 261. TIE BAR WITH: HB 4247'25

HB 4248 creates a 50% tax credit for Michigan taxpayers who donate to community foundation endowment funds, effective for tax years beginning January 1, 2025. Individual taxpayers can claim up to $100 (or $200 for joint returns), while estates/trusts get a credit capped at 10% of their tax liability (max $5,000). To qualify, donations must be to certified community foundations (requiring at least $1 million in assets) with a gift acknowledgment, and contributions cannot be deducted for federal tax purposes. The Michigan Department of Treasury must annually report total credits claimed to tax committees.