LANSING, Mich. (AP) — Michigan will start allowing people to claim a state income tax deduction for gambling losses they claim on their federal tax return.
The law, which was enacted by Gov. Gretchen Whitmer last week, is effective for the 2021 tax year and beyond.READ MORE: Michigan Matters: The Mobility Revolution Envelops the Region
It is expected to reduce state tax revenue by $12 million to $17 million a year.READ MORE: Michigan Humane Rescues Kitten From Drain Pipe In Detroit
Federal law allows gambling losses to be deducted by those who are able to itemize their deductions.MORE NEWS: Back Again: DTE Energy Music Theatre Returns To Original Name
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