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Act 161 of 2000
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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

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 390.1471SectionShort title.
Section 390.1472SectionDefinitions.
Section 390.1473SectionMichigan 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 390.1474SectionManagement contract; supervision by treasurer.
Section 390.1475SectionManagement contract; term; termination.
Section 390.1476SectionContracts.
Section 390.1477SectionEducation savings accounts; establishment; purpose; agreement; form of contribution; withdrawal; distributions; penalty; separate accounting for each beneficiary.
Section 390.1478SectionAccount owner or beneficiary; changes; transfer.
Section 390.1479SectionAccount owner or beneficiary; direction of contributions or earnings; selection of investment strategy; contributions by board members or employees; use of interest; restriction.
Section 390.1480SectionMaximum account balance limit; limitation; rejection of contribution to designated beneficiary account; total balance of all accounts.
Section 390.1481SectionAccount distributions; report to internal revenue service and account owner; statements.
Section 390.1482SectionDisclosure of information.
Section 390.1483SectionConstruction or interpretation of act and agreement.
Section 390.1484SectionObligation upon state, agency, or instrumentality of state.
Section 390.1485SectionAnnual report.
Section 390.1486SectionContributions and interest earned as tax exempt; withdrawals as taxable.
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