MCL - Act 161 of 2000


Act 161 of 2000

AN ACT to create the Michigan education savings program; to provide for education savings accounts; to prescribe the powers and duties of certain state agencies, boards, and departments; to allow certain tax credits or deductions; and to provide for penalties and remedies.

History: 2000, Act 161, Imd. Eff. June 16, 2000

The People of the State of Michigan enact:
Document Type Description
Section 390.1471 Section Short title.
Section 390.1472 Section Definitions.
Section 390.1473 Section 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 Section Management contract; supervision by treasurer.
Section 390.1475 Section Management contract; term; termination.
Section 390.1476 Section Contracts.
Section 390.1477 Section Education savings accounts; establishment; purpose; agreement; form of contribution; withdrawal; distributions; penalty; separate accounting for each beneficiary.
Section 390.1478 Section Account owner or beneficiary; changes; transfer.
Section 390.1479 Section Account owner or beneficiary; direction of contributions or earnings; selection of investment strategy; contributions by board members or employees; use of interest; restriction.
Section 390.1480 Section Maximum account balance limit; limitation; rejection of contribution to designated beneficiary account; total balance of all accounts.
Section 390.1481 Section Account distributions; report to internal revenue service and account owner; statements.
Section 390.1482 Section Disclosure of information.
Section 390.1483 Section Construction or interpretation of act and agreement.
Section 390.1484 Section Obligation upon state, agency, or instrumentality of state.
Section 390.1485 Section Annual report.
Section 390.1486 Section Contributions and interest earned as tax exempt; withdrawals as taxable.