HB 4961
Individual income tax: income; treatment of certain provisions under the internal revenue code and revenue distributions; modify. Amends secs. 12, 30, 36, 607, 695 & 805 of 1967 PA 281 (MCL 206.12 et seq.) & repeals sec. 51d of 1967 PA 281 (MCL 206.51d). TIE BAR WITH: HB 4183'25, HB 4951'25, HB 4968'25
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies Michigan’s individual income tax laws by amending several sections of the 1967 Income Tax Act. It clarifies definitions related to ‘flow-through entities,’ ‘gross income,’ and ‘member of a flow-through entity,’ and adjusts rules for calculating taxable income, including deductions for interest, dividends, retirement benefits, and charitable contributions. The bill also repeals a specific section and introduces new provisions related to first-time home buyer savings accounts, wrongful imprisonment compensation, and wagering losses. It also makes adjustments to the calculation of adjusted gross income for tax years beginning after December 31, 2024.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.