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MI HB4949
Bill
Status
9/12/2019
Primary Sponsor
Jeffrey Yaroch
Click for details
AI Summary
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Removes restrictions on retirement and pension benefit deductions for individuals who were retired and receiving benefits prior to January 1, 2012, effective for tax years beginning January 1, 2020.
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Corrects reference in statute from federal Social Security Act "chapter 532" to correct citation "chapter 531."
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Changes terminology from "ABLE" to "achieving a better life experience (ABLE)" in references to the Michigan ABLE savings program.
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Adds language clarifying that subsection (9) limitations do not apply to pre-2012 retirees, allowing them full deduction of retirement or pension benefits regardless of age or birth year.
Legislative Description
Individual income tax; retirement or pension benefits; additional limitations and restrictions for certain individuals; remove. Amends sec. 30 of 1967 PA 281 (MCL 206.30).
Individual income tax: retirement or pension benefits
Last Action
Bill Electronically Reproduced 09/17/2019
9/17/2019