MI HB6460

Beginning January 1, 2023, pension and annuity payment disbursers are no longer required to withhold state income tax unless the recipient completes and submits a MI W-4P form to opt into withholding.

Through December 31, 2022, pension and annuity payment disbursers must continue withholding income tax at the rate prescribed in section 51 on taxable distributions.

Beginning January 1, 2023, pension and annuity payment disbursers must furnish recipients with statements showing total income paid and any amounts withheld, regardless of whether the recipient opted into withholding.

Multiple technical amendments replace "shall" with "must" and correct references throughout sections 703 and 711 of the Income Tax Act of 1967.