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2007 House Bill 5138: Revise Michigan education savings plan details

Public Act 153 of 2007

Introduced by Rep. Tim Melton (D) on August 23, 2007
To authorize broadening the investment options in the Michigan Education Savings Plan account program, which is a tax deferred college savings account program (a “529 plan”), contributions to which qualify for state and federal income tax deductions. The bill would also explicitly allow withdrawals from an MESP account to pay the cost of a student attending one of the U.S. service academies, including West Point, the Naval Academy at Annapolis, the Air Force Academy in Colorado Springs, the United States Coast Guard Academy, or the United States Merchant Marine Academy.   Official Text and Analysis.
Referred to the House Education Committee on August 23, 2007
Reported in the House on September 11, 2007
Without amendment and with the recommendation that the bill pass.
Received in the Senate on October 10, 2007
Referred to the Senate Finance Committee on October 10, 2007
Reported in the Senate on December 13, 2007
With the recommendation that the bill pass.
Amendment offered in the Senate on December 13, 2007
To allow fund managers to annually charge up to 2.0 percent of net asset value, rather than 1.5 percent.
The amendment passed by voice vote in the Senate on December 13, 2007
To authorize broadening the investment options in the Michigan Education Savings Plan account program, which is a tax deferred college savings account program (a “529 plan”), contributions to which qualify for state and federal income tax deductions. The bill would also explicitly allow withdrawals from an MESP account to pay the cost of a student attending one of the U.S. service academies, including West Point, the Naval Academy at Annapolis, the Air Force Academy in Colorado Springs, the United States Coast Guard Academy, or the United States Merchant Marine Academy .
Received in the House on December 13, 2007
To concur with the Senate-passed version of the bill.
Signed by Gov. Jennifer Granholm on December 20, 2007

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