Michigan SB0911 amends the state's individual income tax code to allow deductions for contributions to a Trump account, among other tax adjustments.
Michigan SB0911 amends the state's individual income tax code to allow deductions for contributions to a Trump account, created under section 530A of the Internal Revenue Code, up to $5,000 for single filers and $10,000 for joint filers. The bill also modifies various other deductions and exemptions, including adjustments for gambling losses, contributions to education savings accounts, and retirement or pension benefits. It introduces a Michigan Trump account contribution fund within the state treasury, managed by the state treasurer, to receive and invest contributions.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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