Section 390.1486 - Contributions and interest earned as tax exempt; withdrawals as taxable(1) Contributions to and interest earned on an education savings account are exempt from taxation as provided in sections 30 and 30f of the income tax act of 1967, 1967 PA 281, MCL 206.30 and 206.30f.(2) Withdrawals made from education savings accounts are taxable as provided in section 30 of the income tax act of 1967, 1967 PA 281, MCL 206.30.2000, Act 161, Imd. Eff. 6/16/2000.