Bill > HB4088

This bill amends the Michigan Income Tax Act to modify the property tax credit for homeowners and renters. The key changes include increasing the taxable value cap on homestead eligibility from $135,000 to $196,500, starting in the 2025 tax year, with subsequent annual adjustments based on the United States House Price Index. The bill updates how the credit is calculated for renters, maintaining the 23% of gross rent calculation for credits, and adjusts the maximum annual credit from $1,200 to $1,500, with future annual increases tied to the Consumer Price Index. Additionally, the bill modifies provisions related to household resources thresholds, with the minimum total household resources amount set at $51,000 for the 2018 tax year and subject to annual adjustments. The legislation aims to provide property tax relief for homeowners and renters, with specific provisions for senior citizens and those with lower household incomes. The bill also includes anti-discrimination measures to prevent landlords from raising rent based on a tenant's claim of the property tax credit.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-4088