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MI SB0025
Bill
AI Summary
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Adds a deduction for disabled veterans who receive cancellation or discharge of student loans through the federal total and permanent disability discharge program, allowing them to exclude the income reported on Form 1099-C from Michigan taxable income.
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Defines "disabled veteran" as an individual determined by the U.S. Department of Veterans Affairs to be permanently and totally disabled at the 100% rate or rated as individually unemployable.
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Applies the deduction retroactively to tax years 2016, 2017, 2018, and 2019, and continuing for each tax year beginning on or after January 1, 2025.
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Takes immediate effect upon Governor approval on December 7, 2021.
Legislative Description
Individual income tax: deductions; student loan forgiveness for disabled veterans under the total and permanent disability discharge program; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30).
Veterans: other
Last Action
Assigned Pa 0120'21 With Immediate Effect
12/8/2021