MI HB4064

Increases state income tax credit for eligible servicepersons, eligible veterans, and eligible widows/widowers who lease or rent a homestead and receive 100% disability compensation from the Veterans Administration or armed forces starting in 2015.

Provides qualifying disabled veterans a credit equal to 20% of total annual rent paid, not to exceed 100% of property taxes on the homestead for that tax year, regardless of homestead type.

Modifies existing provisions to clarify that the veteran rental credit is "except as otherwise provided" under the new subdivision (f), establishing a separate calculation method for this specific group of 100% disabled veterans.

Maintains existing tax credit structures for non-senior citizens (60% of excess property taxes over 3.5% of household resources) and senior citizens (tiered percentages based on household resources up to $30,000).

Caps total annual property tax credit at $1,200 per year and limits combined credits under this section and natural resources environmental protection act credits to actual property taxes due and payable.