Michigan Tax Cuts and Jobs Act SB 748 signed February 28, 2018
Changes the definitions and allows taxpayers to continue claiming personal and dependency exemptions on the state income tax. The act sets the amount of the exemption in statute at:o$4,050 for the 2018 tax year; o$4,400 for the 2019 tax year;o$4,750 for the 2020 tax year; ando$4,900 for the 2021 tax year, with a modified inflation adjustment of an additional $600 returning thereafter. The act's changes take effect immediately
Bipartisan Budget Act of 2018.
On February 9th, 2018 Congress passed continuing budget act. Contained in this budget are several provisions affecting income tax, several are retroactive to January 1 2017. The IRS is reviewing the legislation to assessing these significatint changes in the tax law and will determine next steps.
Tax Cuts and Jobs Act of 2017 - HR 1
On December 22, 2017 President Trump signed into law this Act. The most significant changes to the Internal Revenue Code in 32 years.