SB 0125
Individual income tax: deductions; deduct overtime compensation from taxable income; provide for. Amends secs. 30, 701, 703 & 711 of 1967 PA 281 (MCL 206.30 et seq.).
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill amends Michigan’s income tax laws to allow taxpayers to deduct overtime compensation from their taxable income. It makes changes to sections related to adjusted gross income, specifically addressing deductions for retirement benefits, charitable contributions, and certain payments made under the Michigan Education Trust Act. The bill also includes provisions for deductions related to federal public retirement benefits, social security benefits, and certain other income sources, as well as adjustments for specific tax years and qualifying veteran status.
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Primary sponsor
Cosponsors
Edward W. McBroom
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