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.
Amendment offered
by
To require future legislature to transfer money each year from the state general fund to the school aid fund to compensate the loss of revenue the bill would cause (up to $20 million annually according the Senate Fiscal).
The amendment failed 14 to 20 (details)
Passed in the Senate 29 to 5 (details)
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Referred to the Committee on Tax Policy
