Bill
Bill > HB6081
MI HB6081
MI HB6081Individual 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
summary
Introduced
11/13/2024
11/13/2024
In Committee
11/13/2024
11/13/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
A bill to amend 1967 PA 281, entitled"Income tax act of 1967,"by amending section 30 (MCL 206.30), as amended by 2023 PA 4.
AI Summary
This bill would provide a deduction from taxable income for distributions from a baby bond trust account that are used for eligible expenditures. The bill is tied to two other bills, House Bills 6079 and 6082 from the 2024 legislative session. The deduction would allow taxpayers to deduct the amount of distributions from their baby bond trust accounts, as well as their pro rata share of any interest earned on the account, from their taxable income.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Bill Electronically Reproduced 11/14/2024 (on 11/14/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.mi.gov/Bills/Bill?ObjectName=2024-HB-6081 |
| BillText | https://legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2024-HIB-6081.htm |
Loading...