MI SB1568

Eliminates annual consumer price index (CPI) adjustments to the maximum deductible amount of retirement and pension benefits for tax years 2008 and 2009, limiting the adjustment to those two years only rather than continuing indefinitely.

Changes language in section 30(1)(f)(iv) from "each tax year after 2008" to "2008 and 2009 tax years only" to restrict the CPI adjustment mechanism to a specific two-year period.

Applies the same limitation to section 30(1)(r) regarding senior citizen deductions for interest, dividends, and capital gains, restricting CPI adjustments to 2008 and 2009 tax years only.

Maintains the existing deduction amounts of $42,240 for single returns and $84,480 for joint returns for retirement and pension benefits, but freezes these amounts after 2009 instead of allowing them to increase with inflation.