Introduced
by
To allow the Michigan State Housing Developing Authority to reimburse certain federal income tax liabilities that fall on non-low income homeowners who acquired a home with a subsidized loan from the authority (funded by its own borrowing in the form of selling federal tax exempt bonds), and then made a profit by selling the property within nine years. The bill is part of a package comprised of House Bills 5442 to 5447.
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 88 to 17 (details)
To allow the Michigan State Housing Developing Authority to reimburse certain federal income tax liabilities that fall on non-low income homeowners who acquired a home with a subsidized loan from the authority (funded by its own borrowing in the form of selling federal tax exempt bonds), and then made a profit by selling the property within nine years. The bill is part of a package comprised of House Bills 5442 to 5447.
Referred to the Committee on Banking and Financial Institutions
