MI SB1142

Allows qualified claimants with residential improvements on community land trust property to defer property tax payments if they receive approval for an income tax credit under MCL 206.518

Requires claimants electing to defer payment to file an affidavit with the local tax collecting unit containing owner name, property address, community land trust information, and other required details

Directs the state to remit the income tax credit amount directly to the local tax collecting unit by December 15 of the tax year to pay deferred property taxes

Exempts deferred property taxes from penalties and interest during the deferment period, with any remaining balance after state payment subject to normal collection procedures

Takes effect only if Senate Bill No. 1141 of the 101st Legislature is enacted into law