HB 5601 Summary

• Eliminates the "subject to the limitations and restrictions set forth in subsection (9)" language from section 30(1)(f), removing age-based restrictions on retirement and pension benefit deductions.

• Removes subsection (9) entirely, which had previously limited retirement and pension deductions for persons born after certain years (1946, 1952) and imposed income thresholds on those deductions.

• Strikes language from section 30(1)(p) that prohibited the senior citizen interest, dividend, and capital gains deduction for individuals born after 1945, effective January 1, 2012.

• Removes a phased income limitation from subsection (7) that would have reduced personal exemptions for high-income taxpayers ($75,000+ single/$150,000+ joint), allowing full exemptions regardless of income level.

• Makes changes retroactive and effective for taxes levied on and after January 1, 2012.