HB 4088
Individual income tax: property tax credit; taxable value cap on homestead eligibility for credit; increase and modify adjustment factor. Amends sec. 520 of 1967 PA 281 (MCL 206.520).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes the rules for a property tax credit available to Michigan residents. It increases the maximum taxable value allowed for homestead eligibility, adjusting it annually based on the Consumer Price Index. The bill also introduces a cap on the taxable value of a homeowner’s property, starting in 2025, and adjusts the credit based on household income, reducing it for higher-income households. Additionally, the bill modifies how the credit is calculated for renters and those receiving certain public assistance programs, and sets limits on the total credit amount.
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Primary sponsor
Bradley Slagh
Cosponsors
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