MI HB4290

Adds deduction for first-time home buyers who contribute to a Michigan first-time home buyer savings account, limited to $5,000 for single returns and $10,000 for joint returns per tax year for tax years beginning January 1, 2022 through December 31, 2026.

Allows deduction of interest earned on contributions to first-time home buyer savings accounts to the extent included in adjusted gross income.

Allows deduction of qualified withdrawals from first-time home buyer savings accounts distributed to qualified beneficiaries.

Requires addition back to income of non-qualified withdrawals from first-time home buyer savings accounts, subject to certain limitations on contributions made in previous years.

Takes effect only if Senate Bill No. 145 of the 101st Legislature is enacted into law; ordered to take immediate effect upon enactment of both bills.