Bill Text: MI HB5700 | 2011-2012 | 96th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Income tax; exemptions; personal exemption; increase. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 30a.

Spectrum: Partisan Bill (Republican 12-0)

Status: (Passed) 2012-07-18 - Assigned Pa 224'12 With Immediate Effect [HB5700 Detail]

Download: Michigan-2011-HB5700-Engrossed.html

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HB-5700, As Passed House, June 6, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 5700

 

May 29, 2012, Introduced by Reps. Hughes, Heise, Bumstead, Horn, MacMaster, Denby, Graves, Cotter, Glardon, Gilbert, McBroom and Price and referred to the Committee on Tax Policy.

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.713) by adding section 30a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 30a. Notwithstanding any other provision of this part,

 

for the 2012 tax year and each tax year after 2012, taxable income

 

for purposes of this part means taxable income as determined under

 

section 30 with the following adjustment. For the 2012 tax year and

 

each tax year after 2012, to determine taxable income, a taxpayer

 

shall claim a personal exemption deduction equal to the amount

 

calculated pursuant to section 30(2) or equal to the following

 

amounts multiplied by the number of personal or dependency

 

exemptions allowable on the taxpayer's federal income tax return

 

pursuant to the internal revenue code, whichever calculation is

 

greater:

 

     (a) Beginning on and after October 1, 2012 and before January

 

1, 2014, $3,950.00.

 

     (b) Beginning on and after January 1, 2014 and each year after

 

2014, $4,000.00.