MI HB6468

Creates a tax credit for homeowners with residential improvements on community land trust properties, effective for tax years beginning January 1, 2022 and later.

Credit equals 100% of property taxes on the underlying land plus a percentage (up to 25%) of property taxes on the residential improvements based on the difference between fair market value and sale price appreciation limits.

Requires claimant household resources to be below 120% of statewide median gross income at time of sale, and the land lease must have a minimum 89-year term with sale price below appraised value.

Community land trust must submit certification application to the Michigan Department of Treasury within 60 days; state remits approved credits directly to local tax collecting units or allows credits against state income tax liability.

Claimant cannot claim this credit in combination with the property tax homestead credit under section 520; bill is contingent on passage of Senate Bill (number to be determined) or House Bill 6467.