HB 6308 Summary

• Amends the Income Tax Act of 1967 to allow Michigan taxpayers to deduct losses from the sale of their principal residence beginning in tax years after December 31, 2008.

• Permits a deduction equal to the purchase price plus improvement costs minus the actual selling price for a principal residence located in Michigan that is exempt from property taxation.

• Defines "principal residence" according to the General Property Tax Act and requires the property to be exempt from taxation under section 7cc of that act.

• Contains a tie-bar provision making the bill's effectiveness dependent on the enactment of House Bill 6309, indicating these bills are interdependent and must both be passed to take effect.