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MI SB0883
Bill
AI Summary
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Allows taxpayers to deduct income from cancellation of debt related to the sale or foreclosure of their homestead within Michigan for tax years 2014-2017, provided the debt is reported on federal Form 1099-C.
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Corrects grammatical errors throughout section 30 by changing "that" to "who" in references to persons in subsections (9)(b) and (9)(e).
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Makes no other substantive changes to existing Michigan income tax deductions, exemptions, or limitations for retirement benefits, education savings accounts, or other deductible items.
Legislative Description
Individual income tax; deductions; mortgage forgiveness relief; provide for. Amends sec. 30 of 1967 PA 281 (MCL 206.30).
Liens, mortgages
Last Action
Referred To Committee On Banking And Financial Institutions
3/20/2014