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MI HB4883
Bill
Status
8/16/2017
Primary Sponsor
Peter Lucido
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AI Summary
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Increases the maximum property tax credit for homeowners from $1,200 to $1,500 for the 2018 tax year.
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Beginning with the 2019 tax year, adjusts the maximum credit amount annually based on the percentage increase in the U.S. consumer price index, rounded to the nearest $100 increment.
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Raises the homestead taxable value eligibility cap from $135,000 to an amount adjusted annually by consumer price index starting in 2021, rounded to the nearest $100.
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Increases the minimum total household resources threshold from $41,000 to $51,000 beginning in the 2018 tax year, with annual adjustments by consumer price index starting in 2021.
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Changes the gross rent percentage used to calculate credits for renters from 20% to 23% beginning with the 2018 tax year.
Legislative Description
Individual income tax; property tax credit; inflation adjustment of cap on the credit; begin in 2019. Amends sec. 520 of 1967 PA 281 (MCL 206.520).
Individual income tax: property tax credit
Last Action
Bill Electronically Reproduced 08/16/2017
9/6/2017