HB 4057
Individual income tax: deductions; contributions to a child care savings account; deduct. Amends sec. 30 of 1967 PA 281 (MCL 206.30). TIE BAR WITH: HB 4056'25
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends Michigan’s income tax law to allow deductions for contributions made to child care savings accounts. Specifically, it expands the existing deduction for advance tuition payments to include payments made under certain private sector investment contracts designed to provide similar benefits to advance tuition payments. The bill also clarifies and expands deductions for retirement benefits, adds deductions for certain gambling losses, and introduces new deductions related to first-time home buyer and child care savings accounts, effective for tax years beginning after specific dates. It also includes provisions related to Holocaust victim assets and disability veteran compensation.
Sponsors
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Primary sponsor
Cosponsors
David Prestin
Douglas Wozniak
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