Loading chat...
MI SB1226
Bill
Status
11/29/2022
Primary Sponsor
James Ananich
Click for details
AI Summary
-
Adds a deduction allowing Michigan residents to exclude from taxable income funds deposited and investment returns accrued in a KIDS Account established under the Michigan Kids Investment and Development Savings (KIDS) Program Act for tax years beginning on and after January 1, 2023.
-
Modifies Section 30 of the Income Tax Act of 1967 to include this new deduction as subdivision (ee) in the list of taxable income adjustments.
-
References the Michigan First-Time Home Buyer Savings Program Act (2022 PA 6) in related provisions concerning first-time home buyer savings accounts.
-
Takes effect only if Senate Bill No. 1229 of the 101st Legislature is enacted into law.
Legislative Description
Individual income tax: deductions; funds deposited in a KIDS account under the Michigan kids investment and development savings act; exclude from taxable income. Amends sec. 30 of 1967 PA 281 (MCL 206.30). TIE BAR WITH: SB 1229'22
Individual income tax: deductions
Last Action
Referred To Committee On Appropriations
11/29/2022