SB 0344
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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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the Michigan individual income tax property tax credit. It adjusts the percentages used to calculate the credit based on household resources and income, with different rates applying to senior citizens and other qualifying individuals. The bill also clarifies definitions related to ‘homestead’ and ‘household’ and updates the credit amounts for specific categories like senior citizens, disabled individuals, and veterans. The changes are effective for tax years beginning after December 31, 2024, contingent on the passage of Senate Bill 345.
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Primary sponsor
Cosponsors
Edward W. McBroom
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