Snyder OKs income tax break for police, firefighter retirees
Gov. Rick Snyder has signed into law an income tax break for an estimated 800 retired Detroit police and firefighters who have been paying higher taxes under a law he backed that eliminated or reduced exemptions from the taxation of retirement income.
The new law enacted Thursday also will benefit hundreds of retirees from the Michigan State Police.
The measure allows the retirees who were not part of Social Security in their government employment to deduct more of their pension income from being taxed if they were born after 1952 and were retired as of Jan. 1, 2013.
The bill will reduce state revenue by about $2.6 million a year, according to the nonpartisan Senate Fiscal Agency. It does not apply retroactively.