MI SB0768

Reduces Michigan individual income tax rate from 4.25% to 3.9% effective January 1, 2022, with potential further reductions if general fund revenue growth exceeds inflation starting January 1, 2023.

Increases the personal exemption by $600.00 for the 2022 tax year and each tax year thereafter, effective January 1, 2022.

Lowers the eligible age for unrestricted retirement and pension income deductions from 67 to 62 for individuals born after 1945, effective January 1, 2022.

Creates a new dependent child tax credit of $500.00 per qualified dependent (under age 19) for tax years beginning January 1, 2022 and thereafter, non-refundable.

Makes technical adjustments to retirement/pension benefit deductions and survivor benefits for widows and widowers, effective January 1, 2022.