LANSING - State Representative Terry Brown (D-Pigeon) today voted for a plan to 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 that the pre-paid tuition be used for a particular child.
"In today's global economy, it's more important than ever to make sure that every child has the opportunity to get a college education," said Brown, a longtime educator who is also a member of the House Education Committee. "This plan rewards Thumb-area residents and groups that want to help more of our young people reach that goal. Providing the tax break will make these charitable donations go further and encourage more folks to support the kids in our community."
The Michigan Education Trust is a state-run program that allows parents, grandparents, businesses and others to pre-purchase undergraduate tuition for a child living in Michigan. MET contracts lock in tomorrow's tuition at today's rates and can be purchased in one semester increments up to 8 semesters. The tuition can be for any Michigan public university, college or community college; however, the tuition must be designated for a specific child in order for the contributions to be tax deductible.
Individuals and businesses that wish to purchase MET contracts for children - such as students from a particular school or town - currently cannot receive tax deductions for their generosity. The plan that Brown voted for allows anyone who makes donations into the MET Advance Tuition Payment Fund, regardless of whether the donations are for a specific child, to receive a tax deduction. The plan passed the House and now goes to the Senate.
"We have to do everything we can to help more working families send their kids to community college or a four-year university," Brown said. "Education is the key to producing the top-notch workforce that will attract the best employers and the most investment to our Thumb-area communities. These must be our absolute top priorities right now to get our state back on track."
For more information on the Michigan Education Trust, visit www.SetWithMet.com.