MI HB5796

Increases the personal exemption from $3,700 to $4,300 per exemption for calculating Michigan taxable income.

Eliminates restrictions on pension and retirement benefit deductions for seniors born after 1945 by removing subsection (9) limitations that previously capped deductions based on birth year and age.

Removes the language restricting the senior citizen interest, dividend, and capital gains deduction (subdivision p) from being available to seniors born after 1945, making it available to all qualifying senior citizens.

Changes the base year for personal exemption adjustments from the 2012 tax year to the 2014 tax year for inflation-based annual adjustments.

Eliminates all income and expense adjustments related to oil and gas production for tax years beginning after December 31, 2011.