Loading chat...
MI HB4387
Bill
Status
4/24/2025
Primary Sponsor
John Roth
Click for details
AI Summary
-
Creates a refundable income tax credit of up to $5,000 for the 2025 tax year for expenses related to cleaning up, repairing, restoring, or rebuilding homes, property, or businesses damaged by the March 2025 winter weather and ice storm
-
Applies to residents of counties included in the state of emergency declared by the governor on March 31, 2025 (updated April 2, 2025) for severe winter weather beginning March 28, 2025
-
Qualified expenses include costs for generators, chainsaws, building materials, and other items needed to address damage from widespread power outages, impassable roads, loss of phone/cellular service, and property damage
-
Taxpayers must submit documentation including their address within the emergency area and a description of how they were affected by the storm
-
Flow-through entity members may claim the credit based on their distributive share of business income from the qualifying entity
Legislative Description
Individual income tax: credit; credit for qualified expenditures attributable to supplies, repairs, and restoration after a declared state of emergency. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 282.
Individual income tax: credit
Last Action
Referred To Second Reading
5/13/2025