A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” by amending sections 506, 520, 522, and 530 (MCL 206.506, 206.520, 206.522, and 206.530), section 506 as amended by 1996 PA 484, sections 520 and 522 as amended by 2015 PA 179, and section 530 as amended by 2011 PA 38.
House Bill 4724 would amend the Income Tax Act to increase the homestead property tax credit for disabled veterans or their widows and widowers who rent or lease a homestead. Currently, the homestead property tax credit is available to individuals who rent or lease and whose total household resources fall below a certain threshold. The credit is calculated based on the amount by which 23% of their gross rent paid during the tax year exceeds 3.2% of the taxpayer’s total household resources and is capped at an amount that is adjusted for inflation annually ($1,600.00 for the 2022 tax year). Taxpayers who rent or lease a homestead that is subject to a service charge in lieu of ad valorem taxes under the State Housing Development Authority Act of 19662 are entitled to a credit based on the difference between 10% of gross rent paid and 3.2% of total household resources
Co-sponsored by Reps.
Referred to the Committee on Tax Policy
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Passed in the House 102 to 7 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Finance, Insurance, and Consumer Protection
