MI SB0146

Adds new deduction for first-time home buyer savings account contributions beginning tax year 2022, allowing up to $5,000 per year for single returns or $10,000 for joint returns, with maximum 20-year claim period.

Permits deduction of interest earned on first-time home buyer savings account contributions and qualified withdrawals from such accounts.

Requires non-qualified withdrawals from first-time home buyer savings accounts to be added back to taxable income, subject to certain exceptions for contributions made without prior deductions.

Adds definition of "senior citizen" to section 30(10) and removes two existing references that defined the term separately within subsections (1)(f)(iv) and (1)(p).

Bill is contingent on enactment of Senate Bill 145 of the 101st Legislature.