MI HB6413

Adds new deduction allowing taxpayers to deduct overtime compensation required to be paid under section 4a of the Improved Workforce Opportunity Wage Act, 2018 PA 337, for tax years beginning on and after January 1, 2023.

Modifies withholding requirements for employers to account for overtime compensation deductions when calculating the amount of tax to withhold from employee compensation beginning January 1, 2023.

Adds definition of "overtime compensation" in section 701 as compensation required to be paid to employees by employers under section 4a of the Improved Workforce Opportunity Wage Act, 2018 PA 337, MCL 408.934a.

Makes technical correction to section 703 regarding the definition of "business income" by removing reference to subsection (2) and allowing reference to the entire section 603.

Updates cross-references in section 701 to definitions of "Partnership," "Publicly Traded Partnership," "Race Meeting Licensee," and "S Corporation" by renumbering subsections (g) through (j).