Section 390.1471 – Short Title.

390.1471 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan education savings program act”. History: 2000, Act 161, Imd. Eff. June 16, 2000

Section 390.1472 – Definitions.

390.1472 Definitions. Sec. 2. As used in this act: (a) “Account” or “education savings account” means an account established under this act. (b) “Account owner” means any of the following: (i) The individual who enters into a Michigan education savings program agreement and establishes an education savings account. The account owner may also be the […]

Section 390.1473 – Michigan 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.

390.1473 Michigan 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. Sec. 3. (1) The Michigan education savings program is established in the department of treasury. The program may consist of 1 or more savings plans. (2) The treasurer […]

Section 390.1474 – Management Contract; Supervision by Treasurer.

390.1474 Management contract; supervision by treasurer. Sec. 4. The treasurer shall be responsible for the ongoing supervision of each management contract in consultation with the board. History: 2000, Act 161, Imd. Eff. June 16, 2000 ;– Am. 2007, Act 153, Imd. Eff. Dec. 20, 2007

Section 390.1475 – Management Contract; Term; Termination.

390.1475 Management contract; term; termination. Sec. 5. (1) A management contract shall be for a term of years specified in the management contract. (2) The treasurer may terminate a management contract based on the criteria specified in the management contract. History: 2000, Act 161, Imd. Eff. June 16, 2000 ;– Am. 2007, Act 153, Imd. […]

Section 390.1476 – Contracts.

390.1476 Contracts. Sec. 6. The treasurer may enter into contracts that it considers necessary and proper for the implementation of this program. History: 2000, Act 161, Imd. Eff. June 16, 2000

Section 390.1477 – Education Savings Accounts; Establishment; Purpose; Agreement; Form of Contribution; Withdrawal; Distributions; Penalty; Separate Accounting for Each Beneficiary.

390.1477 Education savings accounts; establishment; purpose; agreement; form of contribution; withdrawal; distributions; penalty; separate accounting for each beneficiary. Sec. 7. (1) Beginning October 1, 2000, education savings accounts may be established under this act. (2) Any individual or entity described in section 2(b)(ii) may open 1 or more education savings accounts to save money to […]

Section 390.1478 – Account Owner or Beneficiary; Changes; Transfer.

390.1478 Account owner or beneficiary; changes; transfer. Sec. 8. (1) An account owner may designate another individual as a successor owner of the account in the event of the death of the account owner. (2) An account owner may change the designated beneficiary of an account to a member of the family of the previously […]

Section 390.1479 – Account Owner or Beneficiary; Direction of Contributions or Earnings; Selection of Investment Strategy; Contributions by Board Members or Employees; Use of Interest; Restriction.

390.1479 Account owner or beneficiary; direction of contributions or earnings; selection of investment strategy; contributions by board members or employees; use of interest; restriction. Sec. 9. (1) Except as otherwise provided in this section, an account owner or a designated beneficiary of any account shall not direct the investment of any contributions to an account […]

Section 390.1480 – Maximum Account Balance Limit; Limitation; Rejection of Contribution to Designated Beneficiary Account; Total Balance of All Accounts.

390.1480 Maximum account balance limit; limitation; rejection of contribution to designated beneficiary account; total balance of all accounts. Sec. 10. (1) The maximum account balance limit for all of the accounts that name any 1 individual as the designated beneficiary shall not exceed a maximum of $500,000.00. (2) The program shall reject a contribution to […]

Section 390.1481 – Account Distributions; Report to Internal Revenue Service and Account Owner; Statements.

390.1481 Account distributions; report to internal revenue service and account owner; statements. Sec. 11. (1) Each program manager shall report distributions from an account to any individual or for the benefit of any individual during a tax year to the internal revenue service and the account owner or, to the extent required by federal law […]

Section 390.1482 – Disclosure of Information.

390.1482 Disclosure of information. Sec. 12. Each program manager shall disclose the following information in writing to each account owner of an education savings account and any other person who requests information about an education savings account: (a) The terms and conditions for establishing an education savings account. (b) Restrictions on the substitutions of designated […]

Section 390.1483 – Construction or Interpretation of Act and Agreement.

390.1483 Construction or interpretation of act and agreement. Sec. 13. This act and any agreement under this act shall not be construed or interpreted to do any of the following: (a) Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner. (b) Guarantee […]

Section 390.1484 – Obligation Upon State, Agency, or Instrumentality of State.

390.1484 Obligation upon state, agency, or instrumentality of state. Sec. 14. (1) This act does not create and shall not be construed to create any obligation upon this state or any agency or instrumentality of this state to guarantee for the benefit of an account owner or designated beneficiary any of the following: (a) The […]

Section 390.1485 – Annual Report.

390.1485 Annual report. Sec. 15. Each program manager shall file an annual report with the treasurer and the board that includes all of the following: (a) The names and identification numbers of account owners, designated beneficiaries, and distributees of family tuition accounts. The information reported pursuant to this subdivision is not subject to the freedom […]

Section 390.1486 – Contributions and Interest Earned as Tax Exempt; Withdrawals as Taxable.

390.1486 Contributions and interest earned as tax exempt; withdrawals as taxable. Sec. 16. (1) Contributions to and interest earned on an education savings account are exempt from taxation as provided in sections 30 and 30f of the income tax act of 1967, 1967 PA 281, MCL 206.30 and 206.30f. (2) Withdrawals made from education savings […]