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MI HB5576
Bill
Status
4/19/2016
Primary Sponsor
Jeff Irwin
Click for details
AI Summary
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Increases the personal exemption amount from $3,700.00 to $4,700.00 for individual income tax calculations, effective January 1, 2017.
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Adds provisions allowing deductions for contributions to ABLE savings accounts (Michigan ABLE program) beginning January 1, 2016, with a $5,000 annual limit for single returns and $10,000 for joint returns.
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Allows deduction of interest earned on ABLE savings account contributions and distributions that qualify as withdrawals from ABLE accounts.
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Changes the baseline year for adjusting personal exemptions from the 2010-2011 fiscal year to the 2015-2016 fiscal year, with adjustments beginning in tax year 2018 instead of 2013.
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Repeals section 30a of the Income Tax Act of 1967 effective January 1, 2017.
Legislative Description
Individual income tax; exemptions; personal exemption; increase. Amends sec. 30 of 1967 PA 281 (MCL 206.30) & repeals sec. 30a of 1967 PA 281 (MCL 206.30a).
Individual income tax: exemptions
Last Action
Bill Electronically Reproduced 04/19/2016
4/20/2016