LANSING, Mich. — Sen. John Bizon, M.D. 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.
“When I served in the state House, I co-sponsored legislation to reinstate the pension deduction, and when I ran for the Senate in 2018, I pledged that I would again work to repeal the senior pension tax,” said Bizon, R-Battle Creek. “This measure goes further by establishing a deduction against all income, and it extends the deduction to all seniors over the age of 67. This is necessary relief for seniors.”
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.