LANSING – The Michigan House of Representatives today passed a plan proposed by State Representative Marc Corriveau (D-Northville) that will help make college more affordable for working families by making it tax deductible for donors to pay into the Michigan Education Trust (MET) without specifying the donation for a particular child.
"Education is the key to success in this global economy, and we must do everything we can to ensure that every child can afford a good college education," Corriveau said. "There are some very generous and caring people in our state who want to ensure that every child has the opportunity to get ahead, and they should be rewarded for giving back. My plan will help those residents who have a little extra share their good fortune with our young residents, which will help make their dreams of attending college a reality."
The Michigan Education Trust is a program that allows parents, grandparents, businesses and others to pre-purchase undergraduate tuition for a child living in Michigan for any Michigan public university or college – the catch is that the tuition must designated for a specific child in order for the contributions to be tax deductible.
Individuals and businesses that wish to purchase a large number of MET contracts for various groups – such as children from a particular school or town – currently cannot receive tax deductions for their generosity. Corriveau's plan allows anyone who makes charitable donations into the MET Advance Tuition Payment Fund, regardless of whether the donations are for a specific child, to receive a tax deduction.
"The Michigan Education Trust is an excellent program that helps make college more affordable for our working families," Corriveau said. "Michigan will need a highly educated workforce to be a magnet for businesses and investment. Ensuring that more of our young people can afford college will help Michigan build a top-notch, 21st century workforce."
For more information on the Michigan Education Trust, visit www.SetWithMet.com.