MI HB4264

Amends the Michigan Income Tax Act of 1967 to modify personal exemption deductions for state income tax purposes beginning with the 2012 tax year.

Establishes a personal exemption deduction equal to the greater of: the amount calculated under existing law (section 30(2)) or a specified amount multiplied by the number of federal personal and dependency exemptions claimed.

Sets personal exemption deduction amounts at $3,950 from October 1, 2012 through December 31, 2013, and $4,000 from January 1, 2014 through December 31, 2016.

Increases the personal exemption deduction to $6,000 effective January 1, 2017 and for all subsequent tax years.

Requires the Department of Treasury to annualize the 2012 tax year personal exemption deduction, rounded to the nearest dollar.