Michigan HB4051 amends the state's income tax law to adjust deductions and exemptions for various taxpayers, including those with disabilities.
Michigan HB4051 amends the state's income tax law to adjust deductions and exemptions for various taxpayers. It introduces specific deductions for disabled veterans, including those related to wrongful imprisonment compensation and first-time home buyer savings accounts. The bill also modifies the personal exemption for senior citizens and adjusts the limitations on retirement and pension deductions based on birth year and retirement status. Additionally, it provides for deductions related to charitable contributions, gambling losses, and certain educational savings accounts.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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