A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 277.
The proposed legislation introduces a tax credit for senior citizens and their family members who make qualified expenditures to renovate or update their principal residences. Starting from tax years beginning on or after January 1, 2024, eligible taxpayers can claim a credit of $250.00 against their income tax for expenses incurred to modify their homes to accommodate the physical needs of senior citizens. The Department of Treasury, in collaboration with the Department of Health and Human Services, is tasked with creating and publishing a list of expenditures that qualify for this credit. The department may also require reasonable proof of these expenditures. If the tax credit exceeds the taxpayer's liability for the year, the excess amount will be refunded. The legislation defines a "family member" as someone related by blood, marriage, or adoption within the fifth degree of kinship, and a "principal residence" as one that qualifies for an exemption under section 7CC of the General Property Tax Act. "Qualified expenditures" include modifications such as bath bars, ramps, safety features, door widening, access changes, wheelchair lifts, stairwell lifts, and refitting of fixtures. A "senior citizen" is defined as an individual who is 65 years of age or older at the end of the tax year.
Introduced
by
Referred to the Committee on Tax Policy
