Michigan HB4201 amends individual income tax provisions, including retirement and pension benefits deductions and exemptions.

Michigan HB4201 modifies the state's individual income tax laws by adjusting deductions and exemptions related to retirement and pension benefits. It introduces specific rules for taxpayers born between 1945 and 1967, allowing them to deduct a portion of their retirement or pension benefits based on their birth year and tax year. The bill also adjusts personal exemptions for certain groups, including senior citizens and disabled veterans, and modifies the calculation of taxable income by adding and deducting various income sources and expenses.

Michigan HB4201 amends individual income tax provisions, including retirement and pension benefits deductions and exemptions.

Michigan HB4201 modifies the state's individual income tax laws by adjusting deductions and exemptions related to retirement and pension benefits. It introduces specific rules for taxpayers born between 1945 and 1967, allowing them to deduct a portion of their retirement or pension benefits based on their birth year and tax year. The bill also adjusts personal exemptions for certain groups, including senior citizens and disabled veterans, and modifies the calculation of taxable income by adding and deducting various income sources and expenses.