MI HB5900

Increases the deduction cap for education savings account (ESA) contributions from $5,000 single/$10,000 joint to $10,000 single/$20,000 joint per tax year, effective for the 2022 tax year and thereafter.

Removes the definition of "senior citizen" from subsections (1)(f)(iv) and (1)(p) and relocates it to a new definition section (10)(b) that references section 514 for the definition.

Maintains existing deductions for ESA contributions, interest earned on contributions, and qualified withdrawals under the Michigan Education Savings Program Act.

Adds a $600 adjustment increase to the personal exemption amount for the 2022 tax year and each tax year thereafter as part of the CPI-based adjustment formula.