Student Loan Repayment Tax Credit

Current understanding

HB 6061 (introduced) would amend the Income Tax Act (1967 PA 281) by adding sec. 279a to create an individual income tax credit for student loan payments made by taxpayers who remained in or returned to Michigan for employment. The credit is framed as a talent-retention tool to keep and attract workers with student debt. The bill is tie-barred to HB 6062-6065 of 2026, suggesting a package with related provisions; specific credit amounts, eligibility thresholds, and duration are not yet summarized here.

Evidence log

• 2026-08-27 — Higher education: financial aid; medical education debt stabilization for students program; establish. Amends sec. 4 of 1975 PA 222 (MCL 390.1154) & adds sec. 4b.: cross-connection with medical-education-debt-stabilization: Both address student debt relief in Michigan — one via a new state-administered medical-education loan/stabilization program, the other via a tax credit for loan repayment. (novelty: 3)
• 2026-06-09 — Corporate income tax: credits; credit for student loan payments made by employer on behalf of a qualified employee who received a diploma or degree from an institution located in this state; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 679. TIE BAR WITH: HB 6061’26, HB 6062’26, HB 6064’26, HB 6065’26: HB 6063 (introduced) extends the package to the employer side by adding sec. 679 to the Income Tax Act, creating a corporate income tax credit for employers that make student loan payments on behalf of qualified employees who earned a diploma or degree from a Michigan institution; tie-barred to HB 6061/6062/6064/6065 of 2026. (novelty: 3)
• 2026-06-09 — Individual income tax: credit; credit for student loan payments made by certain taxpayers who relocated to this state for employment; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 279b. TIE BAR WITH: HB 6061’26, HB 6063’26, HB 6064’26, HB 6065’26: HB 6062 (introduced) is the companion bill to HB 6061, adding sec. 279b to the Income Tax Act to create a parallel student loan payment credit for taxpayers who relocated to Michigan for employment (talent attraction), tie-barred to HB 6061/6063/6064/6065 of 2026. (novelty: 3)

Open questions

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