MI HB4278

Increases the homestead taxable value threshold for property tax credit eligibility from $135,000 to $145,000, with annual adjustments based on the United States consumer price index.

Raises the income threshold for credit reduction from $41,000 to $51,000 in total household resources, and reduces the reduction rate from 10% to 5% per $1,000 increment of income above the threshold.

Adds annual inflation adjustments for the maximum amounts in the homestead taxable value and income threshold provisions based on the consumer price index for the preceding calendar year.

Maintains the $1,200 annual maximum credit limit and existing provisions for renters, senior citizens, and welfare recipients.

Takes effect January 1, 2016.