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MI SB1230
Bill
Status
Introduced
11/29/2022
Primary Sponsor
James Ananich
Click for details
AI Summary
- Allows landlords who own residential rental property to claim a $200 monthly tax credit for each month a qualified rental agreement is in effect with an individual aged 18-21 who is a current or former foster care participant, beginning in tax year 2023
- Limits the credit to a maximum of $2,500 per taxpayer per tax year
- Requires qualified rental agreements to have monthly rent below fair market rent (as established by the U.S. Department of Housing and Urban Development) and a minimum duration of 6 months
- Allows excess credit amounts that exceed the taxpayer's tax liability to be refunded
- Requires taxpayers to submit proof of the rental agreement and verification that the renter meets the age and foster care participant requirements
Legislative Description
Individual income tax: credit; credit for landlords who rent to certain individuals; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 280.
Individual income tax: credit
Last Action
Referred To Committee On Appropriations
11/29/2022
Committee Referrals
Appropriations11/29/2022
Full Bill Text
No bill text available