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MI HB6449
Bill
Status
10/17/2018
Primary Sponsor
Martin Howrylak
Click for details
AI Summary
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Increases personal exemption deduction for tax year 2019 from $4,400 to $5,500 and removes sunset provisions that would have expired the exemption deduction after 2021.
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Modifies homestead property tax credit eligibility by changing the taxable value cap threshold from $135,000 (through 2018) to $135,000 (through 2018) with adjustments beginning in 2019 based on Consumer Price Index increases, rounded to nearest $100.
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Changes homestead rental credit calculation from 23% of gross rent for tax years after 2017 to 21% of gross rent for tax years after 2018.
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Limits ability to elect Michigan business tax treatment under section 680(2) to tax years through 2018 only, preventing elections in 2019 and later years.
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Capitalizes references to "consumer price index" as "Consumer Price Index" throughout the statute for consistency.
Legislative Description
Individual income tax; exemptions; personal exemption amount, homestead property tax credit, and ability to elect to pay Michigan business tax; increase, modify, and sunset. Amends secs. 30a, 520 & 680 of 1967 PA 281 (MCL 206.30a et seq.).
Individual income tax: income
Last Action
Bill Electronically Reproduced 10/17/2018
11/7/2018