Individual income tax: deductions; deductions for contributions to Trump Accounts; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30) & adds sec. 51i.

Summary

The Senate bill changes how Michigan calculates taxable income for individuals by adding and subtracting several items, such as out‑of‑state interest, certain taxes, and losses on U.S. government bonds. It also creates new deductible categories for military pensions, public retirement benefits, Social Security, and contributions to state‑approved tuition‑payment trusts. The changes aim to broaden tax benefits for retirees, service members, and families saving for college.

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