LANSING, Mich. (AP) - Certain employees retired from government work would get a tax break under legislation approved unanimously by the Michigan Senate.
The bill passed Wednesday and sent to the House would aid public retirees born after 1945 who receive retirement or pension benefits from an agency that wasn’t covered by Social Security. Republican Sen. Ken Horn of Frankenmuth says his measure would benefit more than 900 retired police and firefighters, mostly from Detroit or the state police.
The bill would retroactively increase an income tax deduction by between $20,000 and $25,000 for those retired as of 2013. Gov. Rick Snyder and Republican legislators previously made more retirement income taxable instead of exempt.
The Senate Fiscal Agency says the revenue reduction would likely be minimal.
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Online:
Senate Bill 266: https://bit.ly/2qbQYG5
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