Loading chat...

MI HB5808

Bill

Official Source

Status

Introduced

6/12/2024

Primary Sponsor

Nancy DeBoer

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Creates a 10% income tax credit for taxpayers on qualified home improvements to their principal residence, capped at $3,000 per tax year, effective for tax years beginning January 1, 2025
  • Requires taxpayers to provide verification of expenses incurred for qualified home improvements to claim the credit
  • Refunds any portion of the credit that exceeds the taxpayer's tax liability for the tax year
  • Defines "qualified home improvement" as renovations or enhancements that add value, prolong use, or increase energy efficiency, including kitchen/bathroom renovations, additions, conversions, and structural changes meeting building codes
  • Limits eligibility to properties that qualify as a principal residence under Michigan's general property tax act and are exempt from taxation

Legislative Description

Individual income tax: credit; credit for certain qualified home improvements; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 253.

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