Bill Text: MI HB4483 | 2011-2012 | 96th Legislature | Engrossed
Bill Title: Retirement; other; tax exemption for pensions of city library employees; eliminate. Amends sec. 5 of 1927 PA 339 (MCL 38.705).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2011-05-26 - Assigned Pa 44'11 With Immediate Effect [HB4483 Detail]
Download: Michigan-2011-HB4483-Engrossed.html
HB-4483, As Passed Senate, May 12, 2011
HOUSE BILL No. 4483
March 23, 2011, Introduced by Rep. Gilbert and referred to the Committee on Tax Policy.
A bill to amend 1927 PA 339, entitled
"An act to authorize the establishment of a system of retiring
allowances for employes of public libraries now existing or which
may hereafter be established in incorporated cities of 250,000
population or more,"
by amending section 5 (MCL 38.705).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
5. (1) When Except
as otherwise provided in this section,
if
a system of retiring allowances is
adopted under the provisions
of
this act, the reserve fund thereby
provided shall be free
created is exempt from all state, county, township, city, village,
and school district taxes and the annuities payable to the members
of
the staff shall likewise be free are exempt from all such state,
county, township, city, village, and school district taxes.
(2) Beginning January 1, 2012, the annuities payable to the
members of the staff are subject to state taxes.
