Individual income tax: property tax credit; credit percentages; modify. Amends secs. 508, 510 & 522 of 1967 PA 281 (MCL 206.508 et seq.). TIE BAR WITH: SB 345'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan individual income tax by adjusting the percentages used to calculate property tax credits for homeowners. Specifically, it changes the percentages used to determine the credit amount based on household resources, with adjustments for senior citizens, disabled individuals, and eligible service members. The bill also clarifies definitions related to homesteads and household income, and establishes a sunset provision linking its implementation to the passage of Senate Bill 345.
Key provisions
- Increases the percentage of property taxes eligible for a credit for homeowners with total household resources below certain thresholds.
- Adjusts the credit percentages for senior citizens based on their total household resources.
- Provides a credit for disabled individuals, eligible service members, and eligible veterans.
- Clarifies the definition of a ‘homestead’ and includes specific details regarding mobile homes and rental properties.
- Modifies the calculation of household income for credit eligibility, excluding certain compensation.
- Establishes a link between this bill and Senate Bill 345, requiring the latter to be enacted for this bill to take effect.
Who is affected
- Homeowners
- Taxpayers
- Senior Citizens
- Individuals with disabilities
- Veterans
Notable changes
Bill text
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- Senate Introduced Bill
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