Michigan Education Savings Program
Encyclopedia
The Michigan Education Savings Program (MESP) is a 529 savings plan
that is administered by the Michigan department of Treasury
. Michigan residents who contribute to this plan can deduct up to $5,000 (up to $10,000 for joint filers) from their state income tax
each year. MI State Matching Grants based on MESP contributions are not currently available. If state appropriations become available in the future, the State Matching Grant program will be reinstated.
529 plan
A 529 plan is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary.- Overview :529 plans are named after section 529 of the Internal Revenue Code...
that is administered by the Michigan department of Treasury
State Treasurer of Michigan
The State Treasurer of Michigan functions as the chief financial officer for the U.S. state of Michigan. The State Treasurer oversees the collection, investment, and disbursement of all state monies, and also administers major tax laws, safeguards the credit of the state, and distributes revenue...
. Michigan residents who contribute to this plan can deduct up to $5,000 (up to $10,000 for joint filers) from their state income tax
State income tax
State and local income taxes are imposed in addition to Federal income tax. State income tax is allowed as a deduction in computing Federal income tax, subject to limitations for individuals. Some localities impose an income tax, often based on state income tax calculations. Forty-three states...
each year. MI State Matching Grants based on MESP contributions are not currently available. If state appropriations become available in the future, the State Matching Grant program will be reinstated.