HB 4287 Summary

• Eliminates the three-tier limitation system (based on birth year) that restricted deductions for retirement and pension benefits for taxpayers born after 1945, effective January 1, 2019.

• Removes the $20,000 single/$40,000 joint return caps that previously applied to taxpayers born 1946-1952 before age 67.

• Removes the $35,000 single/$55,000-$70,000 joint return caps and related restrictions for specific government pension recipients.

• Removes limitations on retirement/pension benefit deductions for taxpayers born after 1952 until age 67, when they could claim a $20,000/$40,000 unrestricted deduction.

• Adds a new deduction for wrongful imprisonment compensation received after December 31, 2018 under 2016 PA 343 and allows an additional tax exemption for taxpayers with a certificate of stillbirth.