SB 0584
Individual income tax: withholding requirements; mandatory withholding requirement by pension administrators; make optional. Amends sec. 703 of 1967 PA 281 (MCL 206.703).
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies Michigan’s income tax withholding rules by making the requirement for pension administrators to withhold taxes on pension and annuity payments optional. It also clarifies withholding requirements for flow-through entities, including those with business activity and casino/race meeting licenses, and establishes a process for flow-through entities to claim exemptions from withholding based on member exemptions. The bill also includes provisions related to specific industries like production companies and charitable gift annuities, and establishes a date for the law to take effect.
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