{"data":{"id":"us-mi/mich.-comp.-laws-390.1440","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 390.1440","heading":"Payments deductible from taxable income.","body":"Sec. 20.\n\nPursuant to section 30 of the income tax act of 1967, Act No. 281 of the Public Acts of 1967, being section 206.30 of the Michigan Compiled Laws, the purchaser may deduct from taxable income the following payments made by the purchaser in the tax year:\n\nThe amount of payment made under an advance tuition payment contract.\n\nThe amount of payment made under a contract with a private sector investment manager that meets all of the following criteria:\n\nThe contract is certified and approved by the board to provide equivalent benefits and rights to purchasers and beneficiaries as an advance tuition payment contract.\n\nThe contract applies only for a state institution of higher education or a community or junior college.\n\nThe contract provides for enrollment by the contract's qualified beneficiary in not less than 4 years after the date on which the contract is entered into.\n\nThe contract is entered into either:\n\nAfter the purchaser has had his or her offer to enter into an advance tuition payment contract rejected by the board, if the board determines that the trust cannot accept an unlimited number of enrollees upon an actuarially sound basis.\n\nAfter the board determines that the trust can accept an unlimited number of enrollees upon an actuarially sound basis.","path":["MI Code","Chapter 390","Act Act-316-of-1986"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-390-1440","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"0c982f9307fb9cd4ba03e64c189efbbd64fef146f274f6cf4a5181a89f3df5ea","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-390.1439","next":"us-mi/mich.-comp.-laws-390.1441"},"notice":"GroundRules: Original legal text. Not legal advice."}