Michigan HB4592 amends the state's income tax law to allow a deduction for all compensation earned by a taxpayer 17 years of age or younger.

Michigan HB4592 amends the state's income tax law to allow a deduction for all compensation earned by a taxpayer 17 years of age or younger or by a dependent of a taxpayer who is 17 years of age or younger. This deduction applies to the 2025 tax year and each tax year after 2025. The bill also includes provisions for various other deductions and exemptions, such as those for charitable contributions, education savings accounts, and retirement or pension benefits, with specific limitations and restrictions based on age and other factors.

Michigan HB4592 amends the state's income tax law to allow a deduction for all compensation earned by a taxpayer 17 years of age or younger.

Michigan HB4592 amends the state's income tax law to allow a deduction for all compensation earned by a taxpayer 17 years of age or younger or by a dependent of a taxpayer who is 17 years of age or younger. This deduction applies to the 2025 tax year and each tax year after 2025. The bill also includes provisions for various other deductions and exemptions, such as those for charitable contributions, education savings accounts, and retirement or pension benefits, with specific limitations and restrictions based on age and other factors.