There is a newer version of the Michigan Compiled Laws
2015 Michigan Compiled Laws
Chapter 206 - Income Tax Act of 1967
Act 513 of 2006 INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACT (206.901 - 206.911)
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 206.901 Short title.
- Section 206.902 Definitions.
- Section 206.903 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 206.904 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 206.905 Participant savings plan agreement; matching funds; distributions; manner.
- Section 206.906 Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.
- Section 206.907, 206.908 Repealed. 2011, Act 38, Eff. Jan. 1, 2012.
- Section 206.909 Administration of individual or family development account program by fiduciary organization; report.
- Section 206.910 Rules.
- Section 206.911 Effective date.
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