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MI HB4857
Bill
Status
7/12/2017
Primary Sponsor
James Tedder
Click for details
AI Summary
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Increases the property tax credit maximum from $1,200 to $1,500 for the 2018 tax year under Michigan's Income Tax Act of 1967.
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Beginning with the 2019 tax year and annually thereafter, adjusts the maximum credit amount by the percentage increase in the United States Consumer Price Index, rounded to the nearest $100 increment.
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Raises the homestead taxable value cap from $135,000 to an amount adjusted annually by CPI beginning in 2021, rounded to the nearest $100.
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Increases the minimum total household resources threshold from $41,000 to $51,000 for the 2018 tax year, with annual CPI adjustments beginning in 2021.
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Changes the percentage of gross rent used for renter credits from 20% to 23% for tax years after 2017, maintaining 10% for those in state-aided housing.
Legislative Description
Individual income tax; property tax credit; inflation adjustment of cap on the credit; begin 2019. Amends sec. 520 of 1967 PA 281 (MCL 206.520).
Individual income tax: property tax credit
Last Action
Bill Electronically Reproduced 07/12/2017
8/16/2017