MI SB0409

Eliminates deductions for income and expenses from producing oil and gas for tax years beginning after December 31, 2011.

Establishes new limitations on retirement and pension benefit deductions for persons born between 1946 and 1952, capping deductions at $20,000 for single returns and $40,000 for joint returns until age 67.

Creates enhanced deduction limits of $35,000 (single) and $55,000 (joint) for persons born 1946-1952 receiving benefits from non-Social Security covered government employment, increasing to $70,000 joint if both spouses qualify.

Restricts retirement and pension benefit deductions for persons born after 1952 until age 67, when they become eligible for a $20,000 (single) or $40,000 (joint) deduction against all income types.

Authorizes annual adjustments to personal exemptions and additional exemptions based on the Consumer Price Index, rounded to the nearest $100 increment.