MCL - 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
| 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. |