HB-4483, As Passed Senate, May 12, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 4483

 

March 23, 2011, Introduced by Rep. Gilbert and referred to the Committee on Tax Policy.

 

     A bill to amend 1927 PA 339, entitled

 

"An act to authorize the establishment of a system of retiring

allowances for employes of public libraries now existing or which

may hereafter be established in incorporated cities of 250,000

population or more,"

 

by amending section 5 (MCL 38.705).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 5. (1) When Except as otherwise provided in this section,

 

if a system of retiring allowances is adopted under the provisions

 

of this act, the reserve fund thereby provided shall be free

 

created is exempt from all state, county, township, city, village,

 

and school district taxes and the annuities payable to the members

 

of the staff shall likewise be free are exempt from all such state,

 

county, township, city, village, and school district taxes.

 

     (2) Beginning January 1, 2012, the annuities payable to the

 


members of the staff are subject to state taxes.