MI HB4592

Creates a new state income tax deduction for all compensation earned by taxpayers who are 17 years of age or younger, as well as compensation earned by dependents of taxpayers who are 17 or younger, effective for tax years beginning January 1, 2026

Removes outdated effective date language throughout the bill (phrases like "Beginning January 1, 2012" or "For tax years that begin after December 31, 2018") to streamline existing provisions

Updates statutory citations for the federal Social Security Act from "chapter 531, 49 Stat 620" to the current citation "42 USC 301 to 1397mm" in multiple subsections

Maintains existing tax deduction provisions for retirement and pension benefits, military compensation, education savings accounts, and various other categories while adding the new youth income deduction