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2020 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- Section 206.907, 206.908 Repealed. 2011, Act 38, Eff.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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