Bill
HB 5408
Overview: HB 5408 proposes to eliminate the qualifying income thresholds for the personal income tax deductions for Social Security benefits in Michigan.Purpose and Intent: The bil
Overview: HB 5408 proposes to eliminate the qualifying income thresholds for the personal income tax deductions for Social Security benefits in Michigan.
Purpose and Intent: The bill aims to provide tax relief to retirees by allowing all Social Security recipients to claim the state income tax deduction, regardless of their total income level.
Key Provisions:
- Removes the current income limits that restrict eligibility for the state income tax deduction on Social Security benefits
- Allows all Michigan residents receiving Social Security to claim the deduction on their state personal income tax returns
Affected Parties and Impacts: The bill will benefit retirees and seniors in Michigan by reducing their state tax burden on Social Security income. It may also have a fiscal impact on the state's tax revenue.
Procedural and Timeline Considerations: HB 5408 has been referred to the Joint Committee on Finance, Revenue and Bonding for further consideration. The bill's current status indicates it is still in the early stages of the legislative process.
Compiled from official sources — confirm details with the bill’s official record.
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