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MI HB4871
Bill
Status
9/16/2015
Primary Sponsor
Martin Howrylak
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AI Summary
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Increases the homestead property tax credit eligibility threshold from $135,000 to an amount adjusted annually by the percentage increase in the U.S. consumer price index, beginning January 1, 2016.
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Increases the maximum annual property tax credit from $1,200 to an amount adjusted annually by the percentage increase in the U.S. consumer price index, rounded to the nearest $100 increment, beginning January 1, 2016.
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Adjusts the income threshold for credit reduction from $41,000 to an amount adjusted annually by the percentage increase in the U.S. consumer price index for total household resources.
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Establishes that the Department of Treasury shall annualize amounts as necessary and defines "United States consumer price index" as the index for all urban consumers reported by the U.S. Department of Labor, Bureau of Labor Statistics.
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Takes effect January 1, 2016.
Legislative Description
Individual income tax; property tax credit; adjusting the caps on taxable value, salary, and amount of the credit for inflation; provide for. Amends sec. 520 of 1967 PA 281 (MCL 206.520).
Individual income tax: property tax credit
Last Action
Re-referred To Committee On Tax Policy
1/14/2016