Corporate income tax: credits; credit for student loan payments made by employer on behalf of a qualified employee who received a diploma or degree from an institution located in this state; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 679. TIE BAR WITH: HB 6061'26, HB 6062'26, HB 6064'26, HB 6065'26

This bill allows Michigan employers to claim a tax credit equal to 50% of student loan payments they make on behalf of employees who graduated from in-state schools and work for the company. The credit is limited to 20% of the average yearly tuition at a public university in the state for each employee per year. To receive the benefit, employers must submit detailed proof of payments and employee information to the state tax department. The bill also requires that any unused portion of the credit be refunded to the employer rather than carried forward. It is part of a package of related bills that must all pass together to take effect.