SB 1045

SENATE BILL NO. 1045
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
by amending section 510 (MCL 206.510), as amended by
2011 PA 172.
the people of the state of michigan enact:
Sec. 510. (1) "Income" means the sum of
federal adjusted gross income as defined in the internal revenue code plus all
income specifically excluded or exempt from the computations of the federal
adjusted gross income. Also, a person an individual who is enrolled in an accident or
health insurance plan may deduct from income the amount that person individual paid
in premiums in the tax year for that insurance plan for the person's individual's family.
Income does not include any of the following:
(a) The first
$300.00 of gifts in cash or kind from nongovernmental sources.
(b) The first
$300.00 received from awards, prizes, lottery, bingo, or other gambling
winnings.
(c) Surplus foods.
(d) Relief in kind
supplied by a governmental agency.
(e) Payments or
credits under this part.
(f) A governmental
grant that has to be used by the claimant for rehabilitation of the claimant's
homestead.
(g) Stipends
received by a person an individual 60 years of age or older who is acting
as a foster grandparent under the foster grandparent program authorized
pursuant to section 211 of part B of title II of the
domestic volunteer service act of 1973, Public Law
93-113, 42 USC 5011, or who is acting as a senior companion pursuant to
section 213 of part C of title II of the
domestic volunteer service act of 1973, Public Law
93-113, 42 USC 5013.
(h) Amounts
deducted from monthly social security or railroad retirement benefits for
medicare premiums.
(i) Contributions
by an employer to life, accident, or health insurance plans.
(j) Energy
assistance grants and energy assistance tax credits.
(2)
"Owner" means a natural person an individual who owns or is purchasing a homestead
under a mortgage or land contract, who owns or is purchasing a dwelling
situated on the leased lands of another, or who
is a tenant-stockholder of a cooperative housing corporation, or who is a grantor who has placed the homestead in a
revocable trust or a qualified personal residence trust.