Introduced
by
To establish that pension and annuity benefit systems are not required to deduct and withhold a portion of the payments to individuals for income tax, but may do so if a beneficiary “opts-in.” The systems would have to give beneficiaries an annual “MI W-4P” statement reporting the total amount of benefits paid during the tax year, and if applicable, the amount deducted or withheld.
Referred to the Committee on Tax Policy
