HB 5212 Summary

• Modifies the definition of "taxable income" for individuals under Michigan's Income Tax Act by amending Section 30 of the 1967 PA 281.

• Changes language in subsection (9)(c) regarding retirement or pension benefits for persons born 1946-1952 from "the husband and wife" to "spouses" and makes similar gender-neutral updates throughout the section.

• Adds new subsection (9)(e) effective January 1, 2019, creating a $10,000 single/$15,000 joint return deduction limit for persons born 1953-1956 receiving certain retirement benefits until age 67, after which they qualify for an unrestricted $20,000/$40,000 deduction.

• Updates subsection (9)(f) to clarify election options for persons born after 1952 age 67 and older regarding which deductions to claim, with restrictions on combining the unrestricted deduction with other specific retirement benefit deductions.

• Makes conforming gender-neutral language changes in subsection (1)(x) by replacing "both" with "all" regarding ABLE savings account deductions.