MI HB5402

Adds new deduction for individual taxpayers who sell a mobile home park to a local government, housing authority, housing commission, or nonprofit housing corporation, effective for tax years beginning January 1, 2021: 100% deduction for parks with 50 or fewer lots, or 50% deduction for parks with more than 50 lots.

Removes the definition of "senior citizen" from sections 30(1)(f)(iv) and 30(1)(p), instead adding a definition of "senior citizen" in section 30(10)(b) that references section 514 for the definition.

Adds identical mobile home park sale deduction for corporate taxpayers under section 623(2)(i) with the same thresholds and percentages as the individual income tax provision.

Corrects a reference in section 623(2)(d) from "section 964" to "section 965" of the Internal Revenue Code regarding foreign operating entities and dividends.

Updates section 30(10) to reorganize definitions, numbering them as (a), (b), and (c), with "senior citizen" now defined in subsection (b).