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MI HB4182
Bill
Status
2/8/2017
Primary Sponsor
Gary Howell
Click for details
AI Summary
HB 4182 Summary
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Eliminates the current 3-tier age-based 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 for single filers and $40,000 for joint filers for persons born 1946-1952, and eliminated deductions entirely for those born after 1952 until age 67.
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Allows all taxpayers to deduct retirement or pension benefits without age-based restrictions, subject to existing income limitations under section 30(1)(f).
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Modifies the senior citizen interest, dividend, and capital gains deduction to apply only to those born before 1946, effective January 1, 2012 through December 31, 2016.
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: deductions
Last Action
Bill Electronically Reproduced 02/08/2017
2/9/2017