Beginning with the 2010 tax year, Michigan taxpayers may
claim a Michigan tax deduction for charitable contributions made to the
Michigan Education Trust, the state's prepaid tuition program. Under
legislation signed into law by Governor Jennifer Granholm in November 2009,
individuals and businesses that donate to MET's Charitable Tuition Program,
can claim an income tax deduction for the entire amount of the donation. MET's
current enrollment period ends June 30, 2010. A 2010-2011 enrollment period
will be set by the MET Board of Directors later this year.
"Since being launched as the nation's first prepaid
tuition program more than two decades ago, MET has provided peace of mind to
thousands of Michigan families saving for college," said State Treasurer
Robert J. Kleine, Chair of the MET Board of Directors. "The Charitable Tuition
Program encourages taxpayers to help give the gift of a college education to
deserving children through their charitable contributions."
In addition to purchasing a prepaid tuition contract for
a particular beneficiary, individuals and business organizations can
contribute to the Charitable Tuition Program, which will pay for scholarships
for students the benefactors don't personally know. The MET Board of Directors
will distribute funds to individual students who meet academic and/or
need-based criteria.
MET has sold more than 91,000 contracts since its debut
in 1988, with more than 90 percent of the high school graduates holding MET
contracts having attended college. Today, nearly 18,000 students are using MET
benefits to attend a Michigan public college or university, a private college,
or out-of-state institution.
MET contracts are portable to Michigan private and
out-of-state colleges and universities and may be transferred to eligible
family members. Individuals or businesses interested in exploring other
charitable options should call MET at 1-800-MET-4-KID (800-638-4543).
For enrollment information, visit SETwithMET.com. Again,
the current enrollment period ends June 30, 2010.
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