Individual income tax: property tax credit; homestead property tax credit; increase, and modify income threshold. Amends secs. 504 & 520 of 1967 PA 281 (MCL 206.504 & 206.520). TIE BAR WITH: SB 344'25
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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 increases and modifies the income threshold for the property tax credit and homestead property tax credit available to Michigan taxpayers. It adjusts the taxable value cap for homesteads based on the Consumer Price Index, increasing it annually. The bill also includes provisions for renters and lessees of homesteads, clarifies rules regarding household resources impacting credit amounts, and addresses situations where seniors rent or lease property. Finally, it adjusts the maximum credit amount available each year to account for inflation.
Key provisions
- Increased income threshold for the property tax credit and homestead property tax credit.
- Annual adjustment of the taxable value cap for homesteads based on the Consumer Price Index.
- Credit available to renters and lessees of homesteads, with different percentages for pre- and post-2018 tax years.
- Provisions for reducing credits based on household resources.
- Rules regarding credit assignment for seniors renting or leasing property.
- Adjustment of maximum credit amount annually to account for inflation.
- Clarification of definitions related to ‘blind’ and ‘claimant’.
Who is affected
- Taxpayers in Michigan
- Homeowners
- Renters and lessees of homesteads
- Senior citizens
- Individuals with low to moderate incomes
Notable changes
Bill text
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Document of record
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- Senate Introduced Bill
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