MI HB6485

Eliminates deductions for income and expenses related to oil and gas production for individual taxpayers, estates, and trusts for tax years beginning after December 31, 2011.

Clarifies that the oil and gas deduction provisions are retroactive to all tax years beginning after December 31, 2011, to reflect the original legislative intent from 2011 PA 38.

Specifies that excluded oil and gas expenses include costs for property acquisition, exploration, development, processing, transportation, marketing, and plugging/abandonment of oil and gas properties.

Applies the oil and gas income and expense elimination to resident estates, trusts, and corporate taxpayers through amendments to sections 30, 36, and 623 of the income tax act.

Takes immediate effect upon enactment.