HB 4201
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).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends Michigan law to exempt retirement or pension benefits received by Department of Corrections employees from state income tax. Specifically, it modifies section 30 of the 1967 Income Tax Act to include these benefits as deductible expenses, aligning with federal tax treatment. The bill also includes provisions related to other types of retirement benefits and deductions, such as those received by National Guard members and veterans, and establishes new deductions for first-time homebuyer savings accounts and certain gambling losses.
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