LANSING – State Representative Robert Dean (D-Grand Rapids) today voted for a plan 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.
"Creating a world-class workforce is the key to turning our economy around, and it all begins in the classroom," Dean said. "Michigan is lucky to have some extremely generous and caring individuals and businesses who give back to their community by giving more of our children the opportunity to attend college. This plan will encourage that sense of charity while helping to get our state back on track."
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. The 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.
"We must make it a top priority to ensure that every student gets a high-quality education," Dean said. "Michigan will need a well-educated workforce to compete in the 21st century global economy, and bring businesses, investment and jobs to our state. The MET is a great program, and anyone who uses it to help our working families put their children through school should be commended."
For more information on the Michigan Education Trust, visit www.SetWithMet.com.