HB 5365
Taxation: other; SFR tax and economics act; create. Creates new act. TIE BAR WITH: HB 5367'25
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the "SFR Tax and Economics Act," creates new taxes and regulations aimed at addressing the impact of large-scale single-family residential (SFR) property acquisitions on Michigan. It establishes a ‘bulk-buyer transfer surtax’ on acquisitions by entities owning 50 or more covered SFRs, and a ‘scale-based surtax’ on large investors based on depreciation and interest expenses. The bill also introduces an ‘affordability covenant’ program to encourage affordable housing development and includes reporting requirements and remedies for non-compliance. Finally, it modifies how state and local benefits are awarded for projects involving SFRs, potentially requiring sales of affordable units to owner-occupants.
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