MI SB0623

Allows qualified taxpayers residing in designated Michigan renaissance zones to deduct income earned while a resident of those zones from their taxable income for tax years 2012 and later.

Defines "qualified renaissance zone" as geographic areas designated as renaissance zones before January 1, 2012, excluding zones with extensions or renewals approved after December 31, 2011.

Restricts the deduction to taxpayers with gross income not exceeding $1,000,000 per tax year who have been domiciled in the zone for 183 consecutive days.

Requires qualified taxpayers to file an annual return and submit a withholding form to their employer within 10 days of completing the 183-day residency requirement.

Excludes income from illegal activities and income already deducted under other tax code sections from eligibility for this deduction.