Michigan HB4747 amends the state's individual income tax law to provide various deductions and exemptions.

Michigan HB4747 amends the state's individual income tax law to provide various deductions and exemptions. It allows deductions for contributions to 529 education savings plans, first-time home buyer savings accounts, and ABLE savings accounts. It also provides exemptions for certain veterans, disabled individuals, and Holocaust victims. The bill includes provisions for adjustments to certain deductions based on birth year and age, and it specifies rules for calculating taxable income and exemptions.

Michigan HB4747 amends the state's individual income tax law to provide various deductions and exemptions.

Michigan HB4747 amends the state's individual income tax law to provide various deductions and exemptions. It allows deductions for contributions to 529 education savings plans, first-time home buyer savings accounts, and ABLE savings accounts. It also provides exemptions for certain veterans, disabled individuals, and Holocaust victims. The bill includes provisions for adjustments to certain deductions based on birth year and age, and it specifies rules for calculating taxable income and exemptions.