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Like many Michigan retirees, John Harnois is looking forward to saving good money on his state income taxes, thanks to a repeal of the so-called "retirement tax" beginning in 2023.. Now, if ...
“HB 6061 would undo a nearly 30-year-old pension reform that has been working effectively to manage financial risks and personnel costs for state agency employers and which has helped taxpayers ...
The filing deadline for most 2023 federal and state of Michigan income tax returns is April 15, 2024.
The state employee system and the public school employee system administered by ORS make up 95 percent of all active plan membership in Michigan. ORS is responsible for the 18th largest public pension system in the United States and the 47th largest pension system in the world, managing combined net assets of nearly $67.8 billion.
Michigan’s flat state income tax rate rose for 2024 to 4.25%, and the law surrounding the state’s pension deduction also changed, as part of a phaseout of the state’s three-tier retirement ...
The Economic Recovery Tax Act of 1981 (ERTA) removed the pension plan clause and raised the contribution limit to the lesser of $2000 or 100% of earned income. The 1986 Tax Reform Act retained the $2000 contribution limit, but restricted the deductibility for households that have pension plan coverage and have moderate to high incomes.
A constitutional amendment increasing the sales tax and dedicating increased revenue to public schools Failed 514,407 (27.72%) 1,341,292 (72.28%) Proposal B A constitutional amendment increasing the sales tax, dedicating increased revenue to public schools, and requiring voter renewal of property taxes Failed 436,958 (23.89%) 1,392,053 (76.11%)
So far this tax season, Michigan has processed 531,000 individual tax returns for 2023 and issued $338 million in refunds. "We’re rocking and rolling," Leix said.
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