Michigan Compiled Laws
Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)
Section 390.1486 - Contributions and Interest Earned as Tax Exempt; Withdrawals as Taxable.

Sec. 16.
(1) Contributions to and interest earned on an education savings account are exempt from taxation as provided in sections 30 and 30f of the income tax act of 1967, 1967 PA 281, MCL 206.30 and 206.30f.
(2) Withdrawals made from education savings accounts are taxable as provided in section 30 of the income tax act of 1967, 1967 PA 281, MCL 206.30.
History: 2000, Act 161, Imd. Eff. June 16, 2000

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 390 - Universities and Colleges

Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)

Section 390.1471 - Short Title.

Section 390.1472 - Definitions.

Section 390.1473 - Michigan Education Savings Program; Establishment; Soliciting Proposals; Duties and Powers Vested in Treasurer; Administration of Program; Funds Trustee; Personnel and Services; Selection of Program Manager; Contract.

Section 390.1474 - Management Contract; Supervision by Treasurer.

Section 390.1475 - Management Contract; Term; Termination.

Section 390.1476 - Contracts.

Section 390.1477 - Education Savings Accounts; Establishment; Purpose; Agreement; Form of Contribution; Withdrawal; Distributions; Penalty; Separate Accounting for Each Beneficiary.