Individual income tax: credit; credit for student loan payments made by certain taxpayers who remained in or returned to this state for employment; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 279a. TIE BAR WITH: HB 6062'26, HB 6063'26, HB 6064'26, HB 6065'26

This bill creates a tax credit for Michigan residents who earned a degree in the state and subsequently stayed or returned to Michigan for a job. Eligible individuals can claim a credit equal to 50% of their student loan payments for a specific tax year, but the total credit cannot exceed 20% of the average annual tuition at a public Michigan university. To receive the benefit, taxpayers must provide proof of their degree, employment within the state, and student loan payments, and they must apply within 10 years of graduating. If the calculated credit is larger than the taxpayer's total tax liability for that year, the difference will be refunded to them. The legislation will only take effect if four companion bills are also passed into law.