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MI HB4543
Bill
Status
10/28/2015
Primary Sponsor
Anthony Forlini
Click for details
AI Summary
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Adds deductions for contributions to Michigan ABLE savings accounts, allowing taxpayers to deduct up to $5,000 annually for single returns or $10,000 for joint returns for tax years beginning after December 31, 2015.
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Permits deduction of interest earned on ABLE savings account contributions if those contributions were deductible under the program.
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Allows deduction of qualified withdrawals from ABLE savings accounts distributed to the designated beneficiary.
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Requires taxpayers to add back to income any non-qualified withdrawals from ABLE savings accounts that exceed the total amount previously deducted.
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Effective only upon enactment of Senate Bill 360, House Bill 4542, and House Bill 4544 of the 98th Legislature.
Legislative Description
Individual income tax; deductions; contributions to the ABLE savings program; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30). TIE BAR WITH: HB 4542'15, HB 4544'15, SB 0360'15
Individual income tax: deductions
Last Action
Assigned Pa 161'15 With Immediate Effect
10/28/2015