There is a newer version of the Michigan Compiled Laws
2010 Michigan Compiled Laws
Chapter 206 - INCOME TAX ACT OF 1967
Act 513 of 2006 - INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACT (206.701 - 206.711)
INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACTAct 513 of 2006
AN ACT to permit the establishment and maintenance of individual or family development accounts; to provide for certain tax deductions and tax credits; to prescribe the requirements of and restrictions on individual or family development accounts; to provide for the promulgation of rules; and to provide penalties and remedies.
History: 2006, Act 513, Eff. Jan. 1, 2007
- Section 206.701 - Short title.
- Section 206.702 - Definitions.
- Section 206.703 - Individual or family development account; establishment; purpose; policies and procedures; approving and reviewing qualifications of fiduciary organizations and program sites; factors; implementation of programs.
- Section 206.704 - Eligibility; approval or rejection of applicant by program site; limitation on number of accounts; duties of individual; establishment of account; purposes; signatures for withdrawals.
- Section 206.705 - Participant savings plan agreement; matching funds; distributions; manner.
- Section 206.706 - Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.
- Section 206.707 - Eligibility for tax credit.
- Section 206.708 - Tax credits; total; limitation; reserve fund; application for credits; certificate.
- Section 206.709 - Administration of individual or family development account program by fiduciary organization; report.
- Section 206.710 - Rules.
- Section 206.711 - Effective date.
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