Individual income tax: deductions; certain broadband expansion grants; deduct from taxable income. Amends secs. 30, 623 & 815 of 1967 PA 281 (MCL 206.30 et seq.).
Take action
Take a stance or write a position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies Michigan’s individual income tax rules to allow deductions for certain broadband expansion grants. Specifically, it adjusts the calculation of ‘taxable income’ to include interest and dividends from out-of-state obligations, taxes on or measured by income, and losses on U.S. government obligations. It also introduces new deductions for contributions to the Michigan education trust fund, payments under advance tuition payment contracts, and grants related to broadband expansion. Finally, it includes provisions for deductions related to Holocaust victim assets and certain other income types.
Key provisions
- Allows deductions for interest and dividends from out-of-state obligations.
- Adds a deduction for contributions to the Michigan education trust fund.
- Creates a deduction for payments under advance tuition payment contracts.
- Introduces a deduction for grants related to broadband expansion.
- Modifies the calculation of taxable income to include additional income and deductions.
- Adds deductions for compensation received related to wrongful imprisonment.
- Adds deductions for income earned by disabled veterans.
- Adds deductions for income earned by resident tribal members.
Who is affected
- Taxpayers
- Businesses operating in Michigan
- Individuals receiving retirement or pension benefits
- Michigan residents
- Tribal members
Notable changes
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Senate Introduced Bill
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
No sponsors are on record.
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours