Individual income tax: deductions; deduction for contributions made to any 529 education savings plan; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30).

The bill allows individuals to deduct contributions made to any 529 education savings plan from their state income taxes. This aims to encourage saving for education by providing a tax benefit to families who invest in these plans. The legislation amends existing tax law to include this new deduction.

Supporters of the bill argue that it promotes education savings and makes higher education more accessible for Michigan families. By allowing tax deductions for 529 plan contributions, it incentivizes parents to invest in their children's future, ultimately benefiting the state's economy and workforce.

Critics of the bill may argue that it primarily benefits higher-income families who can afford to contribute to 529 plans, potentially widening the gap in educational equity. They might also express concerns about the impact on state revenue, questioning whether the tax deductions could reduce funding for essential public services.