Michigan SB0091 amends individual income tax deductions, including gratuities for tipped employees and adjustments for retirement or pension benefits.
Michigan SB0091 amends the state's individual income tax law to modify deductions for various income types and benefits. It allows tipped employees to exclude certain gratuities from their taxable income. The bill also adjusts the maximum amounts taxpayers can deduct for retirement or pension benefits based on birth year and other criteria. It introduces specific deductions for contributions to education savings accounts and first-time home buyer savings accounts, with limits on the amounts that can be deducted.
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