HB-5700, As Passed Senate, June 14, 2012
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
House Bill No. 5700 as amended June 14, 2012
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. <<the department shall annualize the personal
exemption deduction for the 2012 tax year, rounded to the nearest $1.00.>>
(b) Beginning on and after January 1, 2014 and each year after
2014, $4,000.00.