LANSING, Mich. — Senate Majority Floor Leader Dan Lauwers co-sponsored a bill Thursday to provide income tax relief for seniors.
Senate Bill 359 would amend Michigan’s pension tax deduction to allow all residents 67 or older a deduction against all income, not just pensions.
“Michigan’s seniors have worked hard all their lives and deserve to live their golden years unencumbered by excessive taxation,” said Lauwers, R-Brockway Township. “This bill will provide tax relief seniors deserve.”
The expanded deduction would follow the cap already in law, which for the 2020 tax year is up to $53,759 for single filers or those married filing separately and $107,517 for joint filers.
The deduction would remain tied to the consumer price index and would be adjusted accordingly each year.
SB 359 has been referred to the Senate Committee on Finance.