Revenue Administrative Bulletin 2023-19

List of Education Foundations for Tax Year 2023 Michigan Business Tax Credit

Approved: October 27, 2023

RAB 2023-19. This bulletin lists the names, addresses and phone numbers of the education foundations that have been certified by the Department of Treasury for tax year 2023 in accordance with Section 425 of the Michigan Business Tax Act (MBTA), MCL 208.1425. Qualifying business taxpayers that elect to file returns under the MBTA for tax year 2023 are eligible to take a credit for contributions made to endowment funds held by education foundations certified by the Department of Treasury. The individual income tax credit formerly available to taxpayers who made contributions to endowment funds held by certified education foundations is no longer available; it was repealed by 2011 PA 38.

A taxpayer that contributes to a certified education foundation may claim a credit against the MBT liability equal to 50 percent of the taxpayer’s contribution, up to $5,000.00 or 5 percent of the tax liability, whichever is less. This is a non-refundable credit.

No Education Foundations have been certified for tax year 2023.