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MI HB6081
Bill
Status
11/13/2024
Primary Sponsor
Ranjeev Puri
Click for details
AI Summary
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Adds a new deduction allowing taxpayers to deduct distributions from accounts established under the Michigan baby bond trust account program when used for eligible expenditures, along with the taxpayer's pro rata share of interest earned on those accounts.
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Removes the January 1, 2012 effective date requirement for the Michigan National Guard retirement or pension benefits deduction, making it available for all tax years.
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Removes the "for tax years that begin after December 31, 2018" limitation on the wrongful imprisonment compensation act deduction, making it available for all applicable tax years.
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Bill only takes effect if both HB 6079 and HB 6082 are enacted into law (tie-bar provision).
Legislative Description
Individual income tax: deductions; deduction from taxable income for distributions from a baby bond trust account for eligible expenditures; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30). TIE BAR WITH: HB 6079'24, HB 6079'24, HB 6082'24
Individual income tax: deductions
Last Action
Bill Electronically Reproduced 11/14/2024
11/14/2024