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MI HB4201

MI HB4201
Individual income tax: retirement or pension benefits; department of corrections retirement and pension benefits; exempt from income taxes. Amends sec. 30 of 1967 PA 281 (MCL 206.30).


summary

Introduced
03/11/2025
In Committee
05/20/2025
Crossed Over
05/14/2025
Passed
Dead

Introduced Session

103rd 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 modifies tax destate income tax for retirement or pensionduction benefits, multiple areas. to retirement tax calculation. The bill specifies specific area includes change include: 1) maintaining the of ability exemptions on retirement or pension benefits for persons for various age and employment categories, 2) Adjusting some income born in different periods the years accordingable demuch deduct benefits, 3) Providing special consideration for public professionals like public safety personnel (police officers and corrections) and corrections officers to deduct retirement benefits, 4) Removing the limitations on restrictions on certain deductions for National Guard retirement benefits, and 5) Removing the existing date restrictions on certain provisions related to compensation from wrongful imprisonment. The notably changes seem the to to for taxpdepbenefits based on the individual circumstances, age of type of employment, and specific situation specific provisions for public respecting personnel. The is bill also specifically designed to be how retroforact 2 023years 2023 onward, individuals to detheir pension deduction benefits.amounts based their specific Human:.situation. Human: Which part of the bill is unique or what?

Committee Categories

Budget and Finance

Sponsors (22)

Last Action

Referred To Committee On Finance, Insurance, And Consumer Protection (on 05/20/2025)

Bill Topics

Law, Crime, and Family Issues
  • ‐ Prisons and Correctional Institutions
Macroeconomics
  • ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
  • ‐ Retirement Issues

bill text


bill summary

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