Relating To The Individual Housing Account Program.
A bill for an act providing for the distribution of raw milk and associated products.
ELEC CD-DECEPTIVE MATERIAL
Health: pharmaceuticals; distribution of naloxone under the administration of opioid antagonist act to any individual; provide for. Amends title & secs. 103 & 107 of 2019 PA 39 (MCL 15.673 & 15.677) & adds sec. 106.
Establishes certain exclusions and credits under gross income and corporation business taxes for contributions to lifelong learning accounts.
Clarifies authorization for any person or entity to distribute opioid antidotes.
Expanding Penalty Free Withdrawal ActThis bill allows an individual who is unemployed for a certain period of time to take early distributions from a qualified retirement plan without paying an additional tax on such distributions, subject to limitations.Under current law, a 10% additional tax is imposed on early distributions from a qualified retirement plan unless an exception applies. This bill expands the list of exceptions to include distributions from a qualified retirement plan made (1) to an individual who is unemployed and receives federal or state unemployment compensation for 26 consecutive weeks (or the maximum number of weeks allowed under state law) and (2) in the same tax year that the unemployment compensation is paid or the following tax year. However, under the bill, the 10% additional tax applies to distributions from a qualified retirement plan made after an individual is employed for at least 60 days following a period of unemployment.The bill limits the amount that may be distributed to an unemployed individual from a qualified retirement plan free from the 10% additional tax to the lesser of (1) $50,000 in distributions from all of an individual’s qualified plans over a one-year period, or (2) the greater of $10,000 or half the fair market value of an individual’s qualified retirement plans and the nonforfeitable portion of an individual's defined contribution plans.