MI HB4943

Adds new deduction for taxpayers for tax years beginning on and after January 1, 2021, to exclude income from cancellation or discharge of student loans by the U.S. Department of Education or U.S. Department of Treasury from Michigan taxable income.

Removes effective date restrictions ("beginning January 1, 2012" and "beginning on and after January 1, 2007") from provisions relating to Michigan National Guard retirement benefits, charitable education contributions, and senior citizen deductions to make these provisions apply immediately.

Removes effective date restrictions ("for tax years beginning after December 31, 2011," "after December 31, 2015") from provisions eliminating oil and gas income adjustments and for ABLE savings account deductions.

Adds definition of "senior citizen" to section 10 of the income tax act and removes prior scattered references defining the term separately throughout the statute.

Makes conforming technical changes to strike outdated effective date language throughout the section while maintaining the substantive tax treatment of various retirement benefits, education savings accounts, and deductions.