Introduced
by
To exempt from state income tax up to $5,000, and $10,000 on joint returns, that is deposited in a specialty savings account the bill would authorize for individuals who have not bought or owned a Michigan home in the past three years (dubbed by the bill a "first time home buyer"). Up to $50,000 could be exempted from state income tax liability by an account owner over time. A version of this proposal was vetoed by Gov. Rick Snyder in 2018.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 31 to 3 (details)
To grant $5,000 state income tax exemptions, and $10,000 on joint returns, if the money is deposited in a specialty savings account the bill would authorize for individuals who have not bought or owned a Michigan home in the past three years (labeled as "first time home buyers"). The exemptions could be claimed for up to five years, meaning $50,000 could be exempted from state income tax liability over time by certain individuals. Legislative fiscal agency analysts estimate the bill will provide up to $19.8 million in benefits for these individuals, with an equivalent amount of revenue foregone by the state. A version of this proposal was vetoed by Republican Gov. Rick Snyder in 2018. See also House Bill 4290.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Passed in the House 86 to 16 (details)
To grant $5,000 state income tax exemptions, and $10,000 on joint returns, if the money is deposited in a specialty savings account the bill would authorize for individuals who have not bought or owned a Michigan home in the past three years (labeled as "first time home buyers"). The exemptions could be claimed for up to five years, meaning $50,000 could be exempted from state income tax liability over time by certain individuals. Legislative fiscal agency analysts estimate the bill will provide up to $19.8 million in benefits for these individuals, with an equivalent amount of revenue foregone by the state. A version of this proposal was vetoed by Republican Gov. Rick Snyder in 2018. See also House Bill 4290.
Passed in the Senate 36 to 1 (details)
