LANSING, Mich. — State Sen. Ken Horn on Thursday introduced legislation aimed at providing meaningful tax relief to Michigan’s seniors.
Senate Bill 359 would amend Michigan’s income tax deduction to allow all residents 67 or older a deduction against all forms of income.
“I’ve long been focused on having a well-rounded economic development policy in Michigan. A key part of achieving that goal is getting people the skills they need to get them into well-paying careers they love right here in our state,” said Horn, R-Frankenmuth. “After years of dedicated work, and paying taxes, people deserve a comfortable retirement. Their later years should be spent cherishing time with their grandkids and families here in Michigan.”
The bill allows for an income tax deduction of up to $53,759 for single or married filing separately filers and $107,517 for joint filers on all types of income (pension, 401(k), working income) for all individuals 67 or older. The deduction would remain tied to the consumer price index and would be adjusted accordingly each year.
“This bill will provide tax relief seniors deserve,” Horn said. “We don’t want seniors retiring to warmer states with no income taxes, so they can live comfortably in their golden years. My main goal is to ensure that people who work in Michigan, retire in Michigan.”
SB 359 has been referred to the Senate Committee on Finance.