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MI HB4052
Bill
Status
1/18/2017
Primary Sponsor
Tom Barrett
Click for details
AI Summary
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Eliminates age-based tiered limitations on retirement and pension benefit deductions for taxpayers born after 1945, effective January 1, 2017.
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Removes restrictions that previously limited deductions to $20,000 (single) or $40,000 (joint) for those born 1946-1952 and phased out deductions for those born after 1952 until age 67.
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Allows residents born after 1945 to claim full retirement and pension benefit deductions under subsection (1)(f) without age-based caps or phase-out schedules.
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Modifies deduction for interest, dividends, and capital gains for senior citizens born after 1945 by making it unavailable for tax years 2012-2016 only.
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Adds deduction provisions for ABLE savings accounts (tax years beginning after December 31, 2015) and clarifies education savings account treatment.
Legislative Description
Individual income tax; retirement or pension benefits; 3-tier limitations and restrictions on deduction for retirement or pension benefits based on taxpayer's age; eliminate. Amends sec. 30 of 1967 PA 281 (MCL 206.30).
Individual income tax: retirement or pension benefits
Last Action
Bill Electronically Reproduced 01/18/2017
1/18/2017