MI HB4746

Adds a new tax deduction for full-time public school teachers whose principal residence is located within the school district where they are employed, allowing deduction of up to $23,530 for single returns and $35,295 for joint returns (both spouses must be teachers in the same district) for tax years beginning after December 31, 2015.

Indexes the teacher deduction amount annually beginning in 2017 based on the percentage increase in the U.S. consumer price index for the preceding calendar year.

Defines "public school," "school district," and "teacher" by reference to the Revised School Code (1976 PA 451), with "teacher" including persons engaged in teaching, administering and supervising teaching, or working under a teacher's contract.

Amends existing language regarding Michigan National Guard retirement benefits and corrects capitalization of "Beginning" and "Department of Labor, Bureau of Labor Statistics" in the Internal Revenue Code definitions.