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MI HB5806

Bill

Official Source

Status

Introduced

6/12/2024

Primary Sponsor

Kathy Schmaltz

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Allows taxpayers to claim a credit against Michigan income tax for down payments made on single-family residence purchases during tax years beginning on or after January 1, 2025
  • Credit amount equals 10% of the down payment or $3,000, whichever is less
  • Taxpayer must attach a copy of the settlement statement to their annual tax return to claim the credit
  • Defines "single-family residence" to include manufactured homes, trailers, mobile homes, condominium units, and cooperatives owned and occupied as the taxpayer's principal residence
  • Requires the residence to qualify for a homestead property tax exemption under Michigan law

Legislative Description

Individual income tax: credit; credit for the down payment on the purchase of a home; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 280.

Individual income tax: credit

Last Action

Bill Electronically Reproduced 06/12/2024

6/13/2024

Committee Referrals

Tax Policy6/12/2024

Full Bill Text

No bill text available