MI HB4370

Establishes dedicated deposits from state income tax revenue to the Michigan Transportation Fund beginning October 1, 2018: $150 million (2018-2019), $325 million (2019-2020), and $600 million annually thereafter.

Increases the homestead taxable value eligibility cap for property tax credits from $135,000 through 2021, with automatic annual adjustments based on the Consumer Price Index thereafter, rounded to the nearest $100.

Raises the minimum total household resources threshold for property tax credits from $41,000 to $51,000 effective for the 2018 tax year, with automatic CPI adjustments beginning in 2021.

Increases the maximum annual property tax credit from $1,200 to $1,500 for the 2018 tax year and beyond, with automatic CPI adjustments beginning in 2021.

Changes the rent-to-property tax credit ratio for renters from 20% to 23% of gross rent paid effective for tax years after 2017.

Takes effect only if Senate Bill 414 and House Bills 4614, 4616, 4736, 4737, and 4738 from the 2015 legislative session are also enacted.