Bill > SB0344

This bill amends the Michigan Income Tax Act to modify property tax credit provisions, primarily affecting senior citizens and other specific groups. The bill adjusts the calculation of property tax credits by changing the percentage thresholds for determining credit amounts based on total household resources. Specifically, for tax years beginning after January 1, 2025, the bill reduces the percentage of household resources used to calculate property tax credits from 3.5% to 3.2% for years before 2025, and from 3.2% to 3.0% for years after 2025. The bill also introduces new income brackets for single and joint tax returns, expanding the credit calculation for senior citizens with different levels of household resources. Additionally, the bill updates language related to homestead definitions, income calculations, and credit eligibility for various groups such as veterans, disabled individuals, and blind taxpayers. The changes aim to provide more nuanced and potentially more generous property tax credits for Michigan residents, with particular attention to senior citizens and those with lower household incomes. The bill is tied to another piece of legislation (Senate Bill 345) and will only take effect if that companion bill is also enacted.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0344