2006 Michigan Compiled Laws - Act 161 of 2000


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

The People of the State of Michigan enact:

Section 390.1471Short title.
Section 390.1472Definitions.
Section 390.1473Michigan 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 390.1474Management contract; supervision by treasurer.
Section 390.1475Management contract; term; termination.
Section 390.1476Contracts.
Section 390.1477Education savings accounts; establishment; purpose; agreement; form of contribution; withdrawal; distributions; penalty; separate accounting for each beneficiary.
Section 390.1478Account owner or beneficiary; changes; transfer.
Section 390.1479Account owner or beneficiary; direction of contributions or earnings; selection of investment strategy; use of interest; prohibitions and restrictions.
Section 390.1480Maximum account balance limit; limitation; rejection of contribution to designated beneficiary account.
Section 390.1481Account distributions; report to internal revenue service and account owner; statements.
Section 390.1482Disclosure of information.
Section 390.1483Construction or interpretation of act and agreement.
Section 390.1484Obligation upon state, agency, or instrumentality of state.
Section 390.1485Annual report.
Section 390.1486Contributions and interest earned as tax exempt; withdrawals as taxable.

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