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Bill > HB4001
MI HB4001
MI HB4001Individual income tax: retirement or pension benefits; limitations and restrictions on deductions of certain retirement or pension benefits, revenue distributions, earned income tax credit, rebate payments, rebate and revitalization and placemaking funds; revise, increase, and provide for. Amends title & secs. 30, 51, 272 & 695 of 1967 PA 281 (MCL 206.30 et seq.) & adds secs. 51h, 476 & 696.
summary
Introduced
01/12/2023
01/12/2023
In Committee
02/01/2023
02/01/2023
Crossed Over
02/09/2023
02/09/2023
Passed
03/01/2023
03/01/2023
Dead
Signed/Enacted/Adopted
03/07/2023
03/07/2023
Introduced Session
102nd Legislature
Bill Summary
AN ACT to amend 1967 PA 281, entitled ?An act to meet deficiencies in state funds by providing for the imposition, levy, computation, collection, assessment, reporting, payment, and enforcement by lien and otherwise of taxes on or measured by net income and on certain commercial, business, and financial activities; to prescribe the manner and time of making reports and paying the taxes, and the functions of public officers and others as to the taxes; to permit the inspection of the records of taxpayers; to provide for interest and penalties on unpaid taxes; to provide exemptions, credits and refunds of the taxes; to prescribe penalties for the violation of this act; to provide an appropriation; and to repeal acts and parts of acts,? by amending the title and sections 30, 51, 272, and 695 (MCL 206.30, 206.51, 206.272, and 206.695), the title and section 272 as amended and section 695 as added by 2011 PA 38, section 30 as amended by 2022 PA 5, and section 51 as amended by 2020 PA 75, and by adding sections 51h, 476, and 696.
AI Summary
This bill makes several changes to the individual income tax in Michigan:
It revises the limitations and restrictions on the deduction of certain retirement or pension benefits, adjusts the income tax rate, increases the earned income tax credit, establishes a taxpayer rebate fund and issues advance refund payments to eligible taxpayers, and creates a revitalization and placemaking fund to invest in projects that enable population and tax revenue growth. The bill also makes other technical changes to the tax code.
Committee Categories
Budget and Finance
Sponsors (46)
Angela Witwer (D)*,
Abraham Aiyash (D),
Noah Arbit (D),
Felicia Brabec (D),
Kelly Breen (D),
Erin Byrnes (D),
Tyrone Carter (D),
Jaime Churches (D),
Betsy Coffia (D),
Jennifer Conlin (D),
John Fitzgerald (D),
Carol Glanville (D),
Kristian Grant (D),
Jim Haadsma (D),
Jenn Hill (D),
Kara Hope (D),
Jason Hoskins (D),
Matt Koleszar (D),
Tullio Liberati (D),
Sharon MacDonell (D),
Jaz Martus (D),
Mike McFall (D),
Denise Mentzer (D),
Reggie Miller (D),
Jason Morgan (D),
Christine Morse (D),
Cynthia Neeley (D),
Amos O'Neal (D),
Veronica Paiz (D),
Laurie Pohutsky (D),
Natalie Price (D),
Ranjeev Puri (D),
Carrie Rheingans (D),
Julie Rogers (D),
Helena Scott (D),
Nate Shannon (D),
Phil Skaggs (D),
Will Snyder (D),
Samantha Steckloff (D),
Lori Stone (D),
Joseph Tate (D),
Penelope Tsernoglou (D),
Dylan Wegela (D),
Karen Whitsett (D),
Jimmie Wilson (D),
Stephanie Young (D),
Last Action
Assigned Pa 4'23 (on 03/07/2023)
Official Document
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