HB 6424 Summary

• Temporarily modifies Section 30 of the Michigan Income Tax Act to add back taxes on or measured by income through December 31, 2019, allowing taxpayers to deduct these taxes in calculating taxable income.

• Eliminates income from producing oil and gas and related expenses from taxable income for tax years beginning after December 31, 2011.

• Adds $600 to the personal exemption amount for tax years 2022 and after, with adjustments based on the Consumer Price Index.

• Removes a definition of "United States Consumer Price Index" from subsection (7) and relocates it to a new subsection (10) for clarification purposes.

• Adds formal definitions for "oil and gas" (subject to severance tax under 1929 PA 48) and "United States Consumer Price Index" to Section 30.