MI SB0847

Amends the Michigan income tax act to modify the earned income tax credit for tax years beginning after December 31, 2015, increasing it from 6% to 20% of the federal credit allowed under Internal Revenue Code Section 32.

Simplifies the property tax credit calculation for senior citizens with total household resources of $6,000 or less by reducing the threshold progression table to a single 3.5% threshold (effective for tax years beginning after December 31, 2015).

Maintains existing property tax credit structures for non-senior citizens (60% credit), senior citizens with higher incomes (sliding scale from 96% down to 60% based on household resources), and special categories including veterans, disabled individuals, and blind claimants.

Preserves the $1,200 annual maximum credit cap and the requirement that total credits cannot exceed actual property taxes due and payable.

Takes effect only if House Joint Resolution UU of the 97th Legislature is approved and added to the Michigan Constitution of 1963.