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MI HB5700

Bill

Official Source

Status

Passed

7/18/2012

Primary Sponsor

Holly Hughes

Click for details

Origin

House of Representatives

96th Legislature

AI Summary

  • Adds Section 30a to Michigan's income tax law (1967 PA 281) effective June 29, 2012
  • Establishes personal exemption deductions for tax years 2012 and beyond, calculated as the greater of: the amount under existing Section 30(2) or the per-exemption amounts below multiplied by the number of federal exemptions claimed
  • Sets personal exemption deduction at $3,950 per exemption for the period October 1, 2012 through December 31, 2013, with annualized calculation for the 2012 tax year
  • Increases personal exemption deduction to $4,000 per exemption beginning January 1, 2014 and each subsequent year

Legislative Description

Income tax; exemptions; personal exemption; increase. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 30a.

Income tax, exemptions

Last Action

Assigned Pa 224'12 With Immediate Effect

7/18/2012

Committee Referrals

Finance6/7/2012
Tax Policy5/29/2012

Full Bill Text

No bill text available