MI HB4774

Expands deduction for Achieving a Better Life Experience (ABLE) savings accounts to include accounts under any other state's qualified ABLE program beginning January 1, 2018, in addition to Michigan's ABLE program.

Allows deduction of contributions made to ABLE savings accounts less qualified withdrawals, up to $5,000 for single returns or $10,000 for joint returns per tax year.

Allows deduction of interest earned on ABLE account contributions and distributions that are qualified withdrawals from ABLE savings accounts.

Requires non-qualified withdrawals from ABLE accounts to be added back to taxable income, subject to limitations based on prior years' deductions.

Makes technical corrections to existing law including clarifying language regarding retirement/pension benefits deductions and changing "both" to "all" in ABLE program provisions.