Michigan Laws 38.705 – Reserve fund and annuities; tax exemption; subject to taxation beginning January 1, 2012
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Terms Used In Michigan Laws 38.705
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Except as otherwise provided in this section, if a system of retiring allowances is adopted under this act, the reserve fund created is exempt from all state, county, township, city, village, and school district taxes and the annuities payable to the members of the staff are exempt from all 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.