Loading chat...

MI SB1152

Bill

Official Source

Status

Introduced

5/30/2012

Primary Sponsor

Gretchen Whitmer

Click for details

Origin

Senate

96th Legislature

AI Summary

Senate Bill 1152 Summary

  • Increases the personal exemption from $3,700 to $4,200 per person for tax year 2012 and beyond.

  • Eliminates income and expense deductions for oil and gas production beginning with tax years after December 31, 2011.

  • Removes income-based limitations on personal exemptions and retirement deductions by striking provisions that phased out exemptions for taxpayers with household resources exceeding $75,000 (single) or $150,000 (joint).

  • Makes the bill retroactive and effective for tax years beginning after December 31, 2011.

Legislative Description

Income tax; exemptions; personal exemption; increase. Amends sec. 30 of 1967 PA 281 (MCL 206.30).

Income tax, exemptions

Last Action

Referred To Committee On Finance

5/30/2012

Committee Referrals

Finance5/30/2012

Full Bill Text

No bill text available