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MI HB5663
Bill
Status
2/28/2018
Primary Sponsor
Robert Kosowski
Click for details
AI Summary
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Eliminates age-based tiered limitations on retirement and pension benefit deductions for individuals born after 1945, effective January 1, 2018.
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Removes restrictions that previously limited deductions to $20,000-$40,000 for single/joint returns for people born 1946-1952 and different caps for other age groups.
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Allows all senior citizens age 67 and older to claim unrestricted deductions on retirement and pension benefits against all types of income, not just retirement income.
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Makes technical corrections including capitalizing "Armed Forces," "Social Security," and "Consumer Price Index" throughout the statute.
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Modifies the deduction for senior citizens' interest, dividends, and capital gains to expire after December 31, 2017 for those born after 1945.
Legislative Description
Individual income tax; deductions; 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 02/28/2018
3/1/2018