A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” by amending sections 520, 522, and 524 (MCL 206.520, 206.522, and 206.524), sections 520 and 522 as amended by 2015 PA 179 and section 524 as amended by 1987 PA 254, and by adding section 521.
Proposes adjustments to the property tax credit for homeowners and renters, setting a cap on the taxable value of homesteads at $135,000 for the 2021 tax year with future adjustments based on the U.S. Consumer Price Index. It outlines a method for calculating renters' credits as a percentage of gross rent paid, specifies the process for claiming credits exceeding tax liabilities, and introduces penalties for rent discrimination based on credit claims.
Co-sponsored by Sens.
Referred to the Committee on Finance, Insurance, and Consumer Protection
