Revenue Administrative Bulletin 2021-6

Approved:  April 12, 2021

LIST OF EDUCATION FOUNDATIONS FOR TAX YEAR 2021 MICHIGAN BUSINESS TAX CREDIT

RAB 2021-6. 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 2021 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 2021 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who made contributions to endowment funds held by certified education foundations is no longer available; it was repealed by 2011 PA 38.

Certified Education Foundations for Tax Year 2021

A taxpayer that makes a contribution 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 2021, and no other applications for certification will be accepted for tax year 2021.