SB 0752 Summary

• Amends the Michigan Income Tax Act of 1967 to modify the homestead property tax credit by increasing the eligibility threshold for homeowners from $120,000 to $135,000 in taxable value.

• For tax years beginning after December 31, 2014, establishes a tiered phase-out of the property tax credit based on total household resources exceeding $41,000, reducing the claimable credit from 90% at $41,001-$42,000 down to 0% for households with resources over $70,000.

• Repeals the previous 10% flat reduction for each $1,000 increment over $41,000 in household resources, replacing it with the new graduated percentage table.

• Maintains existing provisions for renters and senior citizens claiming credits based on rent paid (17-20% of gross rent depending on tax year, or 10% for service charge arrangements).

• Caps the total combined property tax credit at $1,200 per year and requires concurrent enactment of Senate Bill 847, House Bill 5477, and House Bill 5493 for this bill to take effect.