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MI HB5489
Bill
Status
3/17/2016
Primary Sponsor
Brandt Iden
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AI Summary
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Removes the $135,000 taxable value cap on homestead property that was set to expire after the 2015 tax year, making it permanent instead of subject to inflation adjustments beginning in 2021.
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Eliminates language that would have adjusted the homestead taxable value cap annually starting in 2021 based on the U.S. consumer price index, rounded to the nearest $100 increment.
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Maintains all other existing provisions of the property tax credit for homeowners and renters, including credit calculations, income thresholds, and maximum credit amounts.
Legislative Description
Individual income tax; property tax credit; eligibility based on a homestead taxable value cap; remove. Amends sec. 520 of 1967 PA 281 (MCL 206.520).
Individual income tax: property tax credit
Last Action
Bill Electronically Reproduced 03/17/2016
3/22/2016