Michigan SB0125 amends individual income tax deductions, including overtime compensation and retirement benefits.

Michigan SB0125 amends the Michigan income tax code to allow deductions for overtime compensation and retirement benefits under specific conditions. It introduces a deduction for overtime compensation paid to employees, required by the Improved Workforce Opportunity Wage Act. For retirement benefits, the bill sets different limits based on birth years and marital status, allowing deductions for certain retirement or pension benefits from governmental agencies not covered by federal social security. It also adjusts the maximum deductions for different birth cohorts and marital statuses.

Michigan SB0125 amends individual income tax deductions, including overtime compensation and retirement benefits.

Michigan SB0125 amends the Michigan income tax code to allow deductions for overtime compensation and retirement benefits under specific conditions. It introduces a deduction for overtime compensation paid to employees, required by the Improved Workforce Opportunity Wage Act. For retirement benefits, the bill sets different limits based on birth years and marital status, allowing deductions for certain retirement or pension benefits from governmental agencies not covered by federal social security. It also adjusts the maximum deductions for different birth cohorts and marital statuses.