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MI HB6132
Bill
Status
6/7/2018
Primary Sponsor
Curtis VanderWall
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AI Summary
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Eliminates the 3-tier limitation system on retirement and pension benefit deductions for taxpayers born after 1945, effective January 1, 2019.
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Removes age-based restrictions that previously limited deductions for people born 1946-1952 to $20,000 (single) or $40,000 (joint) before age 67, and for people born after 1952 until age 67.
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Extends the senior citizen interest, dividend, and capital gains deduction limitation through December 31, 2018, making it unavailable to senior citizens born after 1945.
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Adds $600 annual increase to personal exemption amounts starting in tax year 2022 and all subsequent years.
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Provides clearer definition of "United States Consumer Price Index" in the tax code for adjustment calculations.
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 06/07/2018
6/12/2018