Introduced
by
To establish that for the 2014, 2015 and 2016 tax years, individuals born after 1952 may deduct pension income from state income tax, up to $7,500 for a single return and $15,000 for a joint return. Combined with House Bill 5249 the bill is designed to reduce an increased tax liability “cliff” effect of a <a href="http://www.michiganvotes.org/2011-HB-4361">tax reform and business tax cut law </a> that partially eliminated some of the state income tax exemptions for pension income.
Referred to the Committee on Tax Policy
