HB 4287
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.).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill 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 gross interest and dividends from states other than Michigan, taxes on or measured by income, and losses on the sale of U.S. government obligations. It also expands deductions for retirement and pension benefits, social security benefits, and charitable contributions to the Michigan education trust, and introduces new deductions related to first-time home buyer savings accounts and grants for broadband expansion. Finally, it includes provisions for deductions related to wrongful imprisonment compensation and certain gambling losses.
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Primary sponsor
Cosponsors
Cameron Cavitt
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