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MI HB4006
Bill
Status
3/8/2019
Primary Sponsor
Joseph Bellino
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AI Summary
HB 4006 Summary
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Eliminates the three-tier limitation system (based on birth year) that previously restricted deductions for retirement and pension benefits for taxpayers born after 1945.
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Extends the senior citizen deduction for interest, dividends, and capital gains through December 31, 2018, making it unavailable for seniors born after 1945 during that period.
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Adds a new personal exemption for taxpayers with a certificate of stillbirth from the department of health and human services, effective for tax years beginning January 1, 2019.
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Clarifies the definition of "Achieving a Better Life Experience (ABLE)" program in references to the Michigan ABLE program act, 2015 PA 160.
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Adds a deduction for compensation received under the wrongful imprisonment compensation act for tax years beginning after December 31, 2018.
Legislative Description
Individual income tax: retirement or pension benefits; 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
Referred To Committee On Ways And Means
2/28/2019