MI HB4083

Expands the retirement or pension benefits deduction for taxpayers age 64 and older beginning January 1, 2018, allowing deduction of retirement or pension benefits not deductible under other subsections from any retirement or pension system or annuity policy with lifetime payments for senior citizens, without a maximum dollar limit.

Changes the definition of "senior citizen" for purposes of the age-based pension deduction by lowering the age threshold from those born before 1946 to those who have reached age 64, effective January 1, 2018.

Makes several technical corrections and clarifications to Section 30, including updates to references for ABLE savings accounts (2015 PA 160), education savings accounts, and Holocaust victim asset settlements.

Removes prior limitations on pension benefit deductions for individuals born after 1952, making these individuals ineligible for most pension deductions until reaching age 67, when they become eligible for a $20,000 (single) or $40,000 (joint) return unrestricted deduction.