MI HB5632

Allows taxpayers to claim a $250 tax credit for tax years beginning January 1, 2024, if they or a family member who is a senior citizen makes qualified expenditures to renovate or update a principal residence.

Defines "qualified expenditures" as modifications and renovations to accommodate the physical needs of a senior citizen, including bath bars, ramps, safety features, door widening, wheelchair lifts, stairwell lifts, and fixture refitting.

Defines "senior citizen" as an individual age 65 or older at the close of the tax year and "principal residence" as one qualifying for an exemption under Michigan's general property tax act.

Allows refunds if the $250 credit exceeds the taxpayer's tax liability for the year and requires the Department of Treasury to publish a list of qualified expenditures in cooperation with the Department of Health and Human Services.