Senate Bill 535 Summary

• Adds a new deduction for unemployment benefits received in tax years beginning after December 31, 2017, allowing taxpayers to deduct unemployment benefits to the extent included in adjusted gross income.

• Defines "unemployment benefits" as benefits received under a state or federal unemployment benefit program.

• Makes technical corrections to existing statutory language, including changing references from "subsection" to "subdivision" and "both" to "all" in various sections of the income tax deduction provisions.

• Clarifies language regarding Michigan ABLE savings accounts and education savings accounts in existing deduction provisions for contributions and withdrawals.