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News Now

CU System
Michigan governor signs IDA-MBT credit bill
LANSING, Mich. (1/21/09)--The Individual Development Account (IDA)-Michigan Business Tax (MBT) credit bill--one of the final pieces of Michigan Credit Union League (MCUL)-backed legislation pushed through during the 2008 lame duck session--was signed by Gov. Jennifer Granholm Jan. 9. Public Act 451 of 2008 allows companies who contribute to IDAs held at financial institutions to claim up to a 75% credit against their Michigan Business Tax liability, with up to $1 million available for the credit each year (Michigan Monitor Jan. 19). “This law will be beneficial for credit unions as we begin to see further IDA contributions from businesses, while more Michigan workers will be encouraged to open an IDA with a trusted financial institution,” said MCUL Executive Vice President Patrick La Pine. “The MBT credit incentive is helpful in this weak economy--not just for businesses, but also for consumers looking to improve their lives and for their financial institutions.” Individuals and entities making IDA contributions are eligible for an income tax credit, but the credit had yet to be extended to businesses making contributions. The legislation was introduced by State Sen. Tupac Hunter (D-Detroit). MCUL also worked closely with the Granholm administration, State Sen. Nancy Cassis (R-Novi), and State Sen. Mark Jansen (R-Grand Rapids) to pass the bill.


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